SS&C Technologies Holdings, Inc. SSNC could generate healthy EBITDA and EPS growth in the coming years, driven by integration and cross-selling efforts, according to Raymond James.
The Analyst
Raymond James’ Patrick O'Shaughnessy maintains a Strong Buy rating on SS&C Technologies and reduced the price target from $68 to $67.
The Thesis
Although there have been growing concerns around hedge fund closures and redemptions, SS&C's latest redemption request data “continues to show no evidence of this bear case playing out yet,” O'Shaughnessy said in a Monday note.
Although SS&C Technologies’ exposure to the equity markets is limited, it is not zero, the analyst said.
Considering the market sell-off during the fourth quarter, “we're lowering our 2019 organic, FX-neutral revenue growth estimate from 4 percent to 3 percent,” O'Shaughnessy said.
Raymond James reduced its non-GAAP EPS estimates for 2018, 2019 and 2020 from $2.81 to $2.80; $3.61 to $3.53; and $3.97 to $3.95, respectively.
Price Action
SS&C Technologies shares were down 0.91 percent at $44.70 at the time of publication Wednesday.
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