UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Broadridge Financial Solutions on Strong Sales Momentum

In a report published Friday, Credit Suisse analyst Georgios Mihalos reiterated a Neutral rating on Broadridge Financial Solutions BR, and raised the price target from $41.00 to $45.00. In the report, Credit Suisse noted, “BR reported largely uneventful F1Q results – a seasonally weak quarter (<15% of annual earnings on average) – with the real story being the strong new sales momentum achieved. Recurring new sales were a record $32M, a 114% increase from the $15M achieved a year ago. Within the $32M tally were 2 deals that eclipsed the $5M mark – considered ‘elephant deals.' BR reiterated its full year outlook for $110-$150M in new sales ($127M in FY14), but is clearly tracking toward the high end given F1Q performance.” Broadridge Financial Solutions closed on Thursday at $44.34.