UPDATE: Piper Jaffray Lowers PT on FactSet Research Systems Following In-Line F3Q Results

In a report published Wednesday, Piper Jaffray analyst Peter P. Appert reiterated an Overweight rating on FactSet Research Systems (NYSE: FDS), but lowered the price target from $121.00 to $119.00.

In the report, Piper Jaffray noted, “The market was unimpressed with FactSet's in-line F3Q results, focusing on continuing weak trends in password (user) growth. We believe the weakness in password growth will reverse over the next several quarters as equity mutual fund assets grow, driving a reacceleration in the company's revenue and earnings growth rates. Maintain OW.”

FactSet Research Systems closed on Tuesday at $99.12.