FactSet price target lowered to $408 from $415 at Stifel

Stifel analyst Shlomo Rosenbaum lowered the firm’s price target on FactSet to $408 from $415 and keeps a Hold rating on the shares. FactSet modestly lowering FY23 ASV and revenue guidance seems "primarily an extrapolation of what the company is seeing at its Banking client base" as it anticipates weaker hiring classes over the summer, the analyst tells investors. The firm’s FY23 adjusted EPS estimate is "actually increasing" due to Q2 outperformance, though Stifel is lowering its FY24 estimate due to lower gross margins and a higher tax rate.