UPDATE: Oppenheimer Downgrades Jack Henry (JKHY) to Perform
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(Updated - August 24, 2016 9:24 AM EDT)
Oppenheimer downgraded Jack Henry (NASDAQ: JKHY) from Outperform to Perform and removed its price target (prior $86.00). The downgrade was tied to valuation.
Analyst Glenn Greene said, "While we generally offer wide valuation latitude, JKHY has become relatively fairly valued, in our view. The shares trade at a 29x our/Street consensus NTM P/E multiple, a 66% premium to the S&P 500 and a ~32% premium to peer FISV (although just a ~5% EV/EBITDA premium). Further, JKHY now trades at a 6+ turn (29%) premium to its 5-year average NTM P/E of ~22x."
Shares of Jack Henry closed at $88.73 yesterday.
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