01:18 PM EDT, 10/01/2024 (MT Newswires) -- Jack Henry & Associates ( JKHY ) represents one of the most defensive names against a negative macro backdrop in our coverage universe thanks to over 90% recurring revenue stream, Oppenheimer said in a report.

"Jack Henry is our best defensive idea," Oppenheimer analysts said, adding that they do not expect a near-term repeat of the 2008-2009 financial crisis, but pointing out that Jack Henry still generated positive revenue growth during that period.

"If macro turns more negative, we believe investors could increase their position," the analysts said. They said the company is still poised to generate 7% to 8% topline gains and high-single to low double-digit earnings per share growth over the next two years.

"We see topline driven by healthy bookings, ongoing demand for private cloud and digital solutions, and margin expansion supported by cost management," the analysts said. They raised their price target to $206 from $181 with an outperform rating.

Price: 180.49, Change: +3.95, Percent Change: +2.23