ST Robinson Humphrey Ups CheckFree to Buy

Analyst Andrew Jeffrey notes the company's improving market position

SunTrust Robinson Humphrey upgraded CheckFree (CKFR) to buy from neutral, citing factors such as the company's improving market position.

Analyst Andrew Jeffrey says the company is bolstering its already-dominant Electronic Bill Payment and Presentment (EBPP) market position through a strategy emphasizing biller-facing solutions. He argues that CheckFree's non-EBPP business is poised to make growing contribution to long-term sustainable organic revenue, earnings per share (EPS,) earnings before interest taxes depreciation and amortization (EBITDA,) and free cash flow (FCF) growth. He sees $1.68 fiscal year 2006 (ending June) EPS, and $1.88 in fiscal year 2007. He also set a $62 12-month stock price target.

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