Investment research firm Morningstar (NASDAQ: MORN) will be announcing earnings results this Wednesday after market hours. Here’s what to expect.

Morningstar beat analysts’ revenue expectations last quarter, reporting revenues of $641.1 million, up 8.5% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and .

Is Morningstar a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Morningstar’s revenue to grow 7.7% year on year, in line with the 7.2% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Morningstar rarely misses Wall Street’s revenue estimates.

Looking at Morningstar’s peers in the financial exchanges & data segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Nasdaq delivered year-on-year revenue growth of 13.7%, beating analysts’ expectations by 2.2%, and MSCI reported revenues up 14.1%, topping estimates by 1.4%. Nasdaq traded up 3.7% following the results while MSCI was also up 7.2%.

Read our full analysis of Nasdaq’s results here and MSCI’s results here.

There has been positive sentiment among investors in the financial exchanges & data segment, with share prices up 13% on average over the last month. Morningstar is up 8% during the same time and is heading into earnings with an average analyst price target of $250 (compared to the current share price of $177.82).

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