F3Q26 Follow-up—Chipping Away at the Bear Thesis; Margin Outlook Still a Debate

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F3Q26 Follow-up—Chipping Away at the Bear Thesis; Margin Outlook Still a Debate

USA | Information Services

FactSet EquityJulyResearch2, 2026

TARGET | ESTIMATE CHANGEF3Q26 Follow-up—Chipping Away at the Bear

RATING HOLDThesis; Margin Outlook Still a Debate

PRICE $245.55^

Following a better than expected earnings print, we are incrementally more

positive on the business, and our estimates increase modestly to reflect the PRICE TARGET | % TO PT $253.00 ($225.00) | +3%

beat. Mgmt expressed confidence around current bookings trends, and expects 52W HIGH-LOW $453.41 - $185.00

to be towards the high end of its full-year ASV and adj EPS guidance next quarter FLOAT (%) | ADV MM (USD) 100.3% | 244.09

as it closes out F2026. MSD+ growth appears poised to continue, with the MARKET CAP $8.9B

debate around margins the current primary focal point for bears. TICKER FDS ^Prior trading day's closing price unless otherwise

noted.

What should you do? We come away a bit more positive after this quarter's results, as solid

performance and upbeat commentary around pipeline activity and demand trends should support

FY (Aug) CHANGE TO JEFe JEF vs CONS

a strong finish to F2026. Despite facing difficult comps against a record F4Q last year, mgmt noted

2026 2027 2026 2027

that one month into F4Q, bookings and pipeline are tracking ahead, leaving execution and the timing

of wins as key variables. Accelerating organic revenue growth and signs of traction with newer AI REV NM NM NM NM

products, combined with 30% longer contract durations, suggest MSD+ revenue growth is probably EPS <1% -2% NM NM

a safe assumption heading into F2027. Where there is more uncertainty is around adj operating

margins, which have been trending downwards the past couple of years.