Jack Henry initiated with a Neutral at Citi

Citi initiated coverage of Jack Henry with a Neutral rating and $177 price target. Jack Henry is a leading provider of mission-critical technology to U.S. banks and credit unions, the analyst tells investors in a research note. The firm is looking for “steadier performance and sentiment,” moving past factors such as inflation, right-sized margin expectations, leadership changes and new strategy absorption. The company offers a compounding opportunity, but Citi requires more confidence in greater multiple expansion or a better entry point for this quality name, the firm writes.