Jack Henry & Associates: Positioned for Growth Amid Market Opportunities and Strong FinancialsWe are upgrading JKHY to and establishing a $198 target price, representing 19% upside from yesterday’s close. Importantly, we see the combination of potential upside to near-term estimates and a meaningful share gain opportunity driven by a major competitor’s core consolidation over the mid-term as two compelling catalysts. Specifically, we outline our math below, which suggests that JKHY could add as much as an incremental 130 core wins over the next three years, translating to a ~$80M revenue opportunity, or ~$0.50 in EPS. Alternatively, this represents a potential FY27 revenue and EPS tailwind of ~100/240 bp, respectively.