Craig-Hallum analyst Jeff Van Rhee lowered the firm’s price target on Ebix to $35 from $40 to reflect peer multiples and increased interest rates, while keeping a Buy rating on the shares. The firm notes that Ebix grew worldwide revenue an impressive 18% year-over-year at constant currency and beat our top line estimate materially. The business is gaining share in North American insurance operations as well as the India-centric EbixCash business and is broadly seeing overall improvements in momentum, Craig-Hallum adds.
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Published first on TheFly
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