Broadridge initiated with an Outperform at RBC Capital

RBC Capital analyst Daniel Perlin initiated coverage of Broadridge with an Outperform rating and $169 price target. The analyst says Broadridge "represents a pair of steady hands in an uncertain market," given its track record of shareholder returns, "moat" in its proxy business, expected improving free cash flow conversion, and emerging incremental opportunities in a large addressable market. The company has a "large moat" as the de facto governance communications vendor, the analyst tells investors in a research note.