Wells Fargo Upgrades Jack Henry (JKHY) to Outperform

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Wells Fargo upgraded Jack Henry (NASDAQ: JKHY) from Market Perform to Outperform with a price target of $42.00 (from $34.00).

Analysts at Wells Fargo, led by Timothy Willi said Jack Henry has a strong balance sheet, visibility into revenue/EPS growth as evidenced by favorable trends in contract backlogs, and attractive valuation.

"Our upgrade is not tied to any expectation for the upcoming Q4 results or FY2013 guidance commentary. Rather we believe the strength of JKHY's backlog (+18% YoY) and a stable/slightly improving community/regional bank market set the stage for highly visible, lowdouble digit EPS growth."

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 $35.24 yesterday, with a 52 week range of $24.41-$35.49.

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