UPDATE: J.P. Morgan Lowers Broadridge Financial's PT

According to a research report published this morning, J.P. Morgan has lowered Broadridge Financial's

PT from $28 to $24. In the report, J.P. Morgan said, "F3Q12 results were mixed, with BR reporting a $0.02 adj EPS beat on weaker than expected revenue growth. Revenue and margin guidance was trimmed given nagging weakness in event driven and distribution revenues with adj. EPS guidance reaffirmed on cost containment. New sales, pipeline, and retention remains strong despite challenges facing BR's end market. BR gave a preliminary FY13 EPS view of $1.80 that assumes no rebound in event driven (+$0.20 if normalized), which compares to prior consensus of $1.85—we now project $1.82." J.P. Morgan maintains its Overweight rating on Broadridge Financial, which is currently trading at $21.53.