Jack Henry Earnings: Results Remain a Bit Soft

Jack Henry’s fiscal second quarter was a bit soft, in our view. This is partially due to temporary factors, and we believe results will pick up in the back half the year. Jack Henry is a very stable business, and we would not make too much of minor fluctuations in performance in the near term. We continue to see a positive long-term picture for the wide-moat company, and will maintain our $189 fair value estimate. We see shares as about fairly valued at the moment.