Analyst Note| Rajiv Bhatia |
Broadridge started its fiscal 2021 on a high note. Revenue for the quarter of $1.02 billion was 6% higher than the FactSet consensus and earnings per share of $0.98 handily beat the consensus of $0.63. In addition, Broadridge tweaked its fiscal 2021 outlook higher, something it seldom does during its seasonally soft first fiscal quarter. While a strong quarter, we plan on maintaining our fair value estimate of $120 as our model already incorporated higher revenue growth and earnings than the firm’s prior outlook.