UPDATE: JP Morgan Downgrades Broadridge Financial Solutions to Neutral on End Market Challenges

JP Morgan downgrades Broadridge Financial Solutions BR from Overweight to Neutral but increased its price target from $23 to $25. JP Morgan said, "Most of the catalysts we expected have played out, with several under-performing due to the cycle (e.g. no mean reversion of event-driven fees) or due to client issues (Penson's desperation sale of clearing business to Apex). Given a challenged end market (weak volumes and weak IT spending by broker-dealers), we see limited catalysts to move earnings higher, absent shareholder friendly capital deployment by BR. Our original $1.91 EPS target at time of upgrade is now expected to hit closer to FY14, so we think it's prudent to push out our recommendation as well and move to Neutral." Broadridge Financial Solutions closed at $21.98 on Friday.