Broadridge gets 'buy' rating as Needham starts coverage

Needham starts coverage of fintech firm Broadridge Financial BR.N with a "buy" rating and $300 PT

Says BR's product suite is extensive, helping customers across the globe process trades and communicate with investors across asset classes

Brokerage believes BR's consistent margin expansion and "shareholder-friendly" capital allocation strategy makes the shares worthy of a premium valuation

Needham's PT on BR represents a 29.2% upside to stock's last close

The vended market for the services BR provides is estimated to be $60 billion, implying ample runway for growth - Needham

3 of 9 brokerages rate the stock "buy" or higher and 6 "hold"; median PT $237.17 - data compiled by LSEG

As of last close, BR stock up 2.7% YTD