Jack Henry initiated with a Buy at BTIG

BTIG initiated coverage of Jack Henry (JKHY) with a Buy rating and $183 price target. Jack Henry is “a leading provider” of bank technology to financial institutions ranging from $50M-$50B of assets that trades at “a hefty premium to peers” such as Fidelity (FIS) and Fiserv (FI), the analyst tells investors. However, the premium is warranted by “stellar year-in, year-out performance,” adds the firm, which also points to Jack Henry’s “propensity to outperform in environments when high-beta tech stocks suffer.”