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Pacific Crest Cuts Jack Henry to 'Market Perform'

Pacific Crest downgraded Jack Henry (JKHY) to market perform from strong buy.

Analyst Tim Butler notes management did not demonstrate much confidence in the near-term outlook for the company in Q3 or Q4, and stated that earnings per share would reach only 80%-90% of consensus estimates over these quarters. He says it could take some time for the company to resume its targeted EPS growth pace of 25%. As a consequence, he believes shares could remain range-bound until the company demonstrates its growth is back on track. He cut the $0.18 Q2 fiscal 2002 (June) EPS estimate to $0.15, and cut the $0.76 fiscal 2002 estimate to $0.68, as well as trimmed the $0.97 fiscal 2003 to $0.82. Finally, Bulter cut the $33 12-month target to $26.

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