FactSet's Subscription Model Offers Buffers Against Economic Cyclicality, Analyst Boosts Price Target
FactSet's Subscription Model Offers Buffers Against Economic Cyclicality, Analyst Boosts Price Target
BMO Capital Markets analyst Jeffrey M. Silber reiterated the Market Perform rating on FactSet Research Systems Inc. (NYSE:FDS), raising the price target to $436 from $419.
蒙特利尔银行资本市场分析师Jeffrey M.Silber重申了市场表现评级FactSet Research Systems Inc.(纽约证券交易所代码:FDS),将目标价从419美元上调至436美元。
The company reported fourth-quarter FY23 sales growth of 7.3% year-on-year to $535.797 million, marginally beating the consensus of $535.280 million.
该公司公布,23财年第四季度销售额同比增长7.3%,至5.35797亿美元,略高于市场普遍预期的5.3528亿美元。
Adjusted EPS of $2.930 missed the consensus of $3.50.
调整后每股收益为2.930美元,低于市场普遍预期的3.5美元。
Growth decelerated during the quarter and was mainly sell-side driven, according to Silber.
根据Silber的说法,增长在本季度放缓,主要是卖方推动的。
FY2024 guided ASV growth of 7% at the midpoint implies that top-line trends stabilize this year compared to the deceleration throughout FY2023, the analyst adds.
这位分析师补充说,2024财年引导的ASV中点增长7%意味着,与整个2023财年的减速相比,今年的营收趋势稳定下来。
Margins were better than expected, and the bottom line was weaker than expected from below-the-line items.
利润率好于预期,线下项目的利润弱于预期。
Silber thinks FDS should continue to gain a share in the market data industry, as has been the case historically.
西尔伯认为,FDS应该会继续在市场数据行业获得份额,就像历史上的情况一样。
The company has some buffers against economic cyclicality, as virtually all of its business is subscription-based and has been expanding into the relatively more stable wealth industry, the analyst adds.
这位分析师补充说,该公司有一些抵御经济周期性的缓冲,因为它几乎所有的业务都是基于订阅的,并一直在向相对稳定的财富行业扩张。
Silber projects future margin expansion, given management's increased focus there.
西尔伯预计未来利润率将扩大,因为管理层越来越关注那里。
However, technology investments (+24% increase in the budget), including generative AI and cloud expenses, are expected to offset expansion, mentions the analyst.
然而,这位分析师提到,包括生成性人工智能和云支出在内的技术投资(预算增长24%)预计将抵消扩张。
Management expects AI efficiencies to benefit in FY2025, Silber writes.
西尔伯写道,管理层预计人工智能效率将在2025财年受益。
For FY24, the analyst raised revenue expectations to $2.214 billion from $2.208 billion.
该分析师将2014财年的营收预期从22.08亿美元上调至22.14亿美元。
For FY25, the analyst raised revenue estimates to $2.346 billion from $2.339 billion.
该分析师将25财年营收预期从23.39亿美元上调至23.46亿美元。
Price Action: FDS shares are trading higher by 2.27% to $436.45 on the last check Friday.
价格行动:在上周五的最后一次检查中,FDS的股价上涨了2.27%,至436.45美元。