Goldman Sachs analyst George Tong downgraded FactSet Research Systems to Sell from Neutral and lowered his price target for the shares to $246 from $256. The analyst believes FactSet faces "secular challenges" in the financial services end-market due to the implementation of MiFID II and the ongoing shift from active to passive asset management. A pressured client spending environment should result in structurally lower revenue growth for the company relative to earlier periods while margin pressure arising from competitive pricing dynamics, Tong tells investors in a research note. He also views the stock's current valuation as rich relative to peers and historical trading levels.