UPDATE: Morgan Stanley Raises PT on FactSet Research Systems on Valuation, Potential Risk

In a report published Wednesday, Morgan Stanley analyst Toni Kaplan reiterated an Equal-Weight rating on FactSet Research Systems

, and raised the price target from $91.00 to $95.00. In the report, Kaplan noted, “We have updated our model and are basing our new $95 price target on the average of our 2013 and 2014 DCF valuation levels, 12.4x our F'13 EV/EBITDA est. FDS continues to trade at a higher multiple than TRI and MSCI due to higher top line growth prospects and anticipation of a reacceleration of ASV growth. We previously expected y/y ASV growth to improve seq from 2Q to 3Q given that comps become easier, but following today's guidance, we have pushed out our timeline for the inflection point to 4Q.” FactSet Research Systems closed on Tuesday at $92.82.