B. Riley FBR analyst Raj Sharma initiated coverage last night of Donnelley Financial Solutions with a Buy rating and $16 price target. Donnelley has a substantial share of a highly recurring compliance filings business and a "largely uncontested lumpy but high-margin" document management business for a majority of the large corporate transactions in the U.S, Sharma tells investors in a research note. Although the company trades like it is a declining business, it commands a "defensible market share" in key areas of the financial markets, says the analyst. He believes a solid brand with high market share in an attractive market should eventually trade at a multiple north of 10 times EBITDA.