Piper Jaffray Boosts PT To $103 On FDS

Piper Jaffray has raised its price target on FactSet Research Systems FDS from $89 to $103, but is maintaining its Neutral rating after an in line F3Q from the company. Says Piper Jaffray, in the report, “With FactSet shares trading at an 83% premium to the S&P500 P/E, well above the historical average of 40%, the market wanted to see a beat-and-raise F3Q. Instead, results and guidance were in line with expectations across the board. While we like the fundamentals at FactSet, we believe the current valuation is too rich to justify anything beyond a Neutral rating.” FDS closed at $99.90 yesterday.