Broadridge price target raised, added to ‘Tactical Outperform’ list at Evercore

Evercore ISI analyst David Togut raised the firm’s price target on Broadridge (BR) to $230 from $226 and keeps an Outperform rating on the shares, which the analyst is adding to the firm’s “Tactical Outperform” list. This Thursday, at its triennial investor day, the firm sees a 75% probability Broadridge will provide new three-year EPS growth guidance surpassing its December 2020 forecast, the analyst tells investors. Citing “substantial leverage” to Trian’s proxy contest against Disney (DIS), the firm is raising its FY24 and FY25 EPS estimates to $7.85 and $8.80, respectively, noting that it new view meets the top end of FY24 guidance of $7.57- $7.85 and is 2% above FY24 consensus EPS of $7.70.