J.P. Morgan Upgrades Broadridge To Overweight

According to J.P. Morgan, Broadridge 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.