Morgan Stanley Updates Estimates on FactSet Research Systems Following 2Q Results

In a report published Wednesday, Morgan Stanley analyst Toni Kaplan reiterated an Equal-Weight rating and $102.00 price target on

. In the report, Morgan Stanley noted, “Results for the quarter were largely in line with our ests, though we were encouraged by three factors: 1) the sequential acceleration in organic ASV of ~5.2% (vs. MSe 5.5%) vs. ~4.5% in F1Q, 2) user count growth of 1.7% q/q (vs. flat for four of the five prior quarters), and 3) revenue guidance for F3Q of $229-$333M (vs. our prior estimate of ~$229M). Operating margins were just below our estimates (33.1% vs. MSe of 33.3%) and margin guidance continued to imply further pressure (32.5%-33.5%).” FactSet Research Systems closed on Tuesday at $114.65.