UPDATE: Keefe, Bruyette & Woods Upgrades Broadridge Financial Solutions to Outperform, Raises PT on Better Outlook for Business Cycle

In a report published Friday, Keefe, Bruyette & Woods analyst Niamh Alexander upgraded the rating on

from Market Perform to Outperform, and raised the price target from $38.00 to $46.00. In the report, Keefe, Bruyette & Woods noted, “We upgrade Broadridge Financial to Outperform from Market Perform in the context of our annual outlook where we expect a more favorable industry backdrop and cyclical turn to drive higher EPS at BR. We expect active retail engagement combined with generally better capital markets activity to boost growth. We raise estimates and the multiple on our revised PT of $46 (from $38) to 17X our new calendar 2015 EPS estimate of $2.73.” Broadridge Financial Solutions closed on Thursday at $37.87.