As previously reported, Morgan Stanley analyst Toni Kaplan downgraded FactSet Research Systems to Underweight from Equal Weight with a price target of $263, down from $264. The company's "decelerating" earnings growth brings risk to its "full" valuation, Kaplan tells investors in a research note. Moderating annual subscription value and lower margin improvement may lead the company to see FY20 EPS growth that is its lowest in the past four years, warned Kaplan, who projects total ASV growth of 5%-5.5% and revenue growth of 5% over the next twelve months.