Wells Fargo Upgrades Jack Henry (JKHY) to Overweight

Wells Fargo analyst Jason Kupferberg upgraded Jack Henry (NASDAQ: JKHY) from Equal Weight to Overweight with a price target of $196.00 (from $181.00).

The analyst comments: "Adding to our "Fab 5" of Fintech (replacing Adyen) on greater conviction in F27 revs accel, driven by increasing mix of "trifecta" wins (core+digital+payments), firmer renewal pricing, SMB initiatives, & + card trends, supporting upside vs. F27 consensus (WFSe 80bps ahead). In F28, benefits of potential takeaways from challenged competitor could drive further accel (Street modeling stability). Pullback on AI fears unfounded; JKHY earns revs on accounts & transactions, not seat licenses. Expect continued market share gains in the wake of competitor missteps. Given competitor challenges, we believe JKHY can accelerate its market share gains within core banking platforms. JKHY currently provides core banking to 24% of banks and 48% of credit unions with assets $1B+. We expect to see an uptick in RFPs by FYE (Jun), which JKHY could close in F27, providing potential revs tailwinds in F28, regardless of whether or not JKHY sees an improvement in its current ~50% win-rate."

For an analyst ratings summary and ratings history on Jack Henry click here. For more ratings news on Jack Henry click here.

Shares of Jack Henry closed at $156.69 yesterday.

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