UPDATE: J.P. Morgan Raising Price Target on FactSet Research Systems

J.P.Morgan Chase & Co. is out with a research report on FactSet Research Systems (NYSE: FDS) and it has a Neutral rating, but is raising its price target to $100 from $80.

In a note to clients, J.P. Morgan writes, "We are maintaining our Neutral rating on FactSet shares following FQ4,11 earnings. FactSet reported adjusted EPS of $0.96---above consensus' and our $0.95 estimate. That excludes a pre-tax charge of $5.4 million (or $0.08) related to the vesting of performance based options. We are treating that as a cost of doing business. Revenues rose 14% (organic), slightly above our estimate. Operating income grew 3% (including the performance-based options) while the margin dropped 340bps to 30.7% on the same basis. FQ1,12 guidance was slightly ahead of estimates. Overall, FQ4 results were strong, reflecting market share gains and new content and applications. We still expect some revenue deceleration in the coming quarters from recent industry layoff announcements, but FactSet may be more insulated v. prior periods. We continue to like FDS's cash generation, market opportunity and product strategy, but we are waiting for a better entry point. We are establishing a December 2012 target of $100."

Shares of FDS closed at $90.98 yesterday.