We lower our 12-month target price by $15 to $520, 29.2x our FY 25 (Aug.) EPS estimate, higher than the company’s 10-year historical average of 26.8x, given strong growth prospects. We increase our FY 24 adjusted EPS by $0.28 to $16.59 and raise FY 25’s by $0.08 to $17.79. FDS reported May-Q adjusted EPS of $4.37 vs. $3.79 a year ago, $0.47 above consensus on revenue that came in at consensus. Revenue growth (+4% vs. 6% in prior quarter) continued to decelerate as results were once again impacted by consolidation cancellations following UBS’s acquisition of Credit Suisse. Still, despite revenue growth disappointing in recent quarters, we have been encouraged by FDS’s willingness to adapt quickly. FDS has responded with a 10% Y/Y reduction in employee costs and a 14% reduction in real estate. As a result, FDS’s adjusted operating margin expanded a hefty 340 bps to 39.4%. Additionally, encouraging signs were seen in user counts, which recovered from last quarter’s drop to hit an all-time high of 208K (+11% Y/