Broadridge Financial Solutions' (BR) record event-driven revenue in H1 makes H2 guidance easier to achieve and the company's position growth, closed sales recovery, and capital markets optimism may lead to stronger-than-expected performance, RBC Capital Markets said in a Monday note.
In fiscal Q2, the company exceeded expectations for total revenue and adjusted earnings per share driven by 9% growth in recurring revenue and expansion of adjusted operating margin to 16.6%, according to the note.
RBC raised its price target on Broadridge's stock to $259 from $246 while reiterating an outperform rating on the stock.
Price: 238.04, Change: -0.18, Percent Change: -0.08
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