Broadridge price target lowered to $255 from $305 at Needham

Needham lowered the firm’s price target on Broadridge (BR) to $255 from $305 and keeps a Buy rating on the shares. The company’s Q2 results beat the Street estimates on the top and bottom line, as higher event-driven revenue, solid organic growth, and recent M&A all contributed to the solid quarter, the analyst tells investors in a research note. The selloff in the stock however was due to a broad-based retreat in the peer group in response to a few high profile earnings misses in the space, the firm adds.