MSCI (MSCI) Q2 results are expected to beat estimates on stronger asset-based fees, while analytics revenue may moderate, RBC Capital Markets said Wednesday in a report.

RBC models asset-based fee growth of about 29% for the quarter, ahead of Wall Street expectations of 24%, supported by robust expansion in assets under management and continued momentum across ETF and non-ETF products, as well as futures and options amid market volatility.

Net new recurring subscription sales may rise 19% on product innovation and a healthy demand backdrop, the report said.

Revenue may increase 12.6% to $870 million, topping the consensus estimate of 11.5% growth, with adjusted EPS of $5 exceeding the $4.90 forecast, RBC said.

Q2 results are due July 21.

RBC maintained its outperform rating on MSCI stock with a $655 price target.

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