Jack Henry & Associates down, co's PT trimmed by Evercore ISI

Jack Henry & Associates

08/02/2023 18:39

** Shares of tech provider Jack Henry & Associates Inc
 JKHY.O  fall 8.7% to $165.70 after co reported results on
Tuesday that missed market estimates
    ** Stock hits lowest in nearly a year
    ** Evercore ISI cuts PT of co to $160 from $170
    ** "Revenue and earnings challenged as expense discipline
increases" - Evercore 
    ** "The company has also seen a significant fall-off in
deconversion fees this past year, as bank M&A volume has
declined" - brokerage Morningstar
    ** Co had mentioned lower debit card spending taking a toll
at its payments business
    ** Including session's loss, stock is down 5.4% YTD
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))