J.P. Morgan Upgrades Broadridge To Overweight

According to J.P. Morgan, Broadridge (NYSE: BR) is upgraded to Overweight.

J.P. Morgan said that it is upgrading BR from Neutral to Overweight as it sees an increasingly attractive risk-reward profile. “We think this untapped earnings potential could be highlighted next week (June 22nd) at the company's first investor day. Our Dec 2012 price target is $28 (27% upside to current levels) or 13x our CY13E EPS of $2.16. We see little downside with stock trading at 7% FCF yield and 14.8x NTM P/E (historical of 13x) or 10x CY13E, making BR an attractive defensive name in an uncertain tape.”

Broadridge closed yesterday at $22.06.