Analyst Ashley Serrao of Credit Suisse initiated coverage with an Outperform rating for FactSet Research Systems Inc. (NYSE:FDS) with a price target of $182, marking an increase of 12% from current levels.

FactSet is in the midst of switching from a company that was reliant on headcount growth to a company with “several non-headcount-depended enterprise revenue streams.” The analyst believes investors are overlooking this switch. Serrao also notes this switch is evident from FactSet’s acquisition of Portware’s trade execution management capabilities has put the company into the “buy-side trading and risk management ecosystem.” The analyst believes there is a lot of room to grow for FactSet, as it currently only has 6% market share. She is anticipating ASV growth of 8-10% over the next few years.

According to TipRanks, Serrao has a success rate of 56% with an average return of 2.3% per recommendation.