Analyst Note
| Rajiv Bhatia, CFA |FactSet reported decent fiscal second-quarter results and a mostly unchanged outlook. Revenue of $391.8 million during the quarter was in line with the FactSet consensus estimate of $391.7 million. Adjusted earnings per share of $2.72 was a penny below the consensus of $2.73, which we'd attribute to a slightly higher tax rate. Aside from tweaking its ASV growth outlook to $70 million-$85 million from $55 million-$85 million, FactSet left its fiscal 2021 outlook, which includes revenue of $1.570 billion-$1.585 billion and adjusted EPS of $10.75-$11.15, unchanged. Overall, there was little in FactSet's earnings release that would alter our long-term view of the firm, and we will maintain our narrow moat rating and $260 fair value estimate.