Broadridge initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst James Faucette initiated coverage of Broadridge Financial with an Equal Weight rating and $160 price target. The global technology provider to the financial services industry has record of "durable" growth, "dominant" proxy market share and "steady" margin expansion, said Faucette. However, he cautions that this is offset by a medium-term deceleration in distribution revenue, more earnings seasonality than peers and an elevated multiple relative to scaled incumbent processors.