broker initiated with 5.80 target. 40% upside, page-12

I think you might have that backwards. I think Blackbaud does not have a focus on Churches, whereas PushPay certainly does. Check Blackbaud's website and you'll soon see where they are coming from. My take is that Blackbaud is like a not for profit shotgun, shooting pellets all over the place and anywhere in the not for profit space.
But PPH is like a laser, directed not only at Churches, but from now on, at the bigger churches. The 2018 PPH Shareholder Presentation, released on 17/07, makes this strategy shift abundantly clear, and the reasons for it. I reckon if Blackbaud makes any inroads into Churches, it will only be into the small Church 'space' that PPH is leaving.