UPDATE: Goldman Sachs Resumes Coverage on FactSet Research Systems with Sell Rating, $97 PT as Growth Priced Into Shares Is Too High

In a report published Friday, Goldman Sachs analyst Andre Benjamin resumed coverage on FactSet Research Systems FDS with a Sell rating and $97.00 price target. In the report, Goldman Sachs noted, “We resume coverage of FDS with a Sell rating and -12% total return to a $97, 12-month, EV/EBITDA-based target price vs. 6% upside for rest of coverage. We view FDS as a strong company, but we believe the Street is discounting growth expectations that are too high. Our FY14/FY15 EBITDA estimates are 3%/6% below consensus. FDS has above-average returns, FCF generation with no debt, and growth likely to be higher than its diversified financial information peers.” FactSet Research Systems closed on Thursday at $111.02.