DA Davidson analyst Peter Heckmann raised the firm’s price target on Broadridge to $180 from $164 and keeps a Neutral rating on the shares ahead of its Investor Day event tomorrow. The firm believes the management will affirm their prior financial guidance for fiscal 2024 and provide new 3-year objectives for growth and margins for the period of fiscal 2024 to 2027, moving its valuation framework onto its 2025 estimates, the analyst tells investors in a research note. Broadridge should be able to generate 8%-11% annual growth in EPS over the next three years, driven by more modest annual margin expansion combined with falling interest expense and approximately $250M-$300M directed to share repurchases annually, the firm added.
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