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Analyst David Trossman says he is upgrading the stock to outperform from market perform mostly on good results in its Software and Investment Services divisions (together making up 22% of second-quarter profit).

He had thought bill pay results would have to prop up these smaller businesses over next 12 months, but in fact they contributed to an upside of their own. He says Software has seen a turnaround from an underperforming orphan to a potential growth vehicle.

Trossman says 36 cents pro forma second-quarter earnings per share was 5 cents above his estimate. He ups his $1.27 fiscal 2005 (ending June) earnings per share estimate to $1.36, and $1.45 fiscal 2006 to $1.50.

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