Broadridge Financial Solutions' (BR) efforts on tokenization-related solutions are "positive", Morgan Stanley analysts said in a Friday note.

Analysts said that if tokenization gains traction, new products and larger enterprise deals could boost closed sales in fiscal 2027 and beyond.

Morgan Stanley said the key question heading into the company's fiscal Q4 earnings is whether larger, more complex deals will support a stronger closed sales guidance for fiscal 2027, or continue to pressure revenue growth through longer sales cycles.

Analysts said that while tokenization remains nascent and is unlikely to affect Broadridge in the near term, the company's valuation multiple could remain constrained as headlines and advancements about on-chain real-world assets remain.

Morgan Stanley retained an equalweight rating on the stock, but lowered its price target to $169 from $213.

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