SS&C price target lowered to $89 from $99 at RBC Capital

RBC Capital lowered the firm’s price target on SS&C to $89 from $99 and keeps an Outperform rating on the shares ahead of its Q1 results. With about 80% of revenues recurring, the company has better visibility than most of its peers, the analyst tells investors in a research note. RBC adds that the overall demand is sounding relatively unchanged, and mid-single-digit organic growth outlook for SS&C is still looking good, though the firm is reducing its price target to better reflect the negative re-rating of SS&C’s peer universe.