UPDATE: Goldman Sachs Initiates FactSet Research Systems at Sell on Valuation, Slowing Growth

Goldman Sachs initiated coverage on FactSet Research Systems

with a Sell rating and a $79 price target. Goldman Sachs noted, "We initiate coverage of FactSet at Sell with a $79 6-month price target (12% downside vs. 10% average upside for our coverage). We see 6% revenue and 7% earnings growth in FY13, vs. 11%/14% in FY12. Our 2013/14 EPS are 2% / 6% below consensus as we believe sell-side changes are more structural than cyclical. Valuation implies a return to 10%+ revenue and teens EPS growth vs. the 7-10% EPS growth we see in a stagnant sell-side environment." FactSet Research Systems closed at $90.01 on Thursday.