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BTIG drops coverage on FactSet


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BTIG drops coverage on FactSet

BTIG has dropped coverage of due to areallocation of resources, analyst Mark Palmer said in an April 1 note toclients.

The company has executed well and has strong recurringrevenue streams, Palmer said, but he has "balked at the stock's valuationas it has reflected what we have believed to be excessively loftyexpectations." FactSet trades at 24.3x the consensus estimated earningsper share for 2016, he noted.

In addition, the volatility among FactSet's buy- andsell-side clients could ultimately harm the company's performance, he said.

BTIG's final rating on the company was "neutral."