Broadridge Financial Solutions (BR) - recurring revenue machine with wide moat sitting 40% under analyst targets

Broadridge keeps popping in my screens as a steady compounder that’s still cheap. Did a fresh look at the numbers and figured I’d share for anyone hunting financial services names with staying power.

They handle investor communications, securities processing, and data for banks and brokers. Lots of recurring revenue tied to regulated activity. Moat built on sticky contracts, regulatory barriers, and massive daily volume. Consistent execution with strong free cash flow margins. Buybacks and dividends are part of it. Recent quarters show solid growth in their key segments.

Price around $147-148. Targets $207-222, so 40-50% upside. Moderate Buy rating holds. Setup benefits from any pickup in capital markets or continued deregulation. More trading volume flows straight to their business. Risks are mostly macro - slower markets or high rates pressuring volumes. Scale is their edge though.

I’m long and comfortably holding. Not the sexiest story but the numbers hold up. Fits the wide moat, positive FCF, buy-rated, undervalued checklist.
Anyone have experience with BR? What am I overlooking? Drop your thoughts or different numbers.