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Fly News Breaks for November 5, 2018
EGOV
Nov 5, 2018 | 06:19 EDT
Loop Capital analyst Joseph Vafi lowered his price target on NIC Inc to $15 and kept his Hold rating, saying that while the Q3 earnings beat showed "incremental business opportunities in New Jersey, expansion in other states, and increased traction in the federal segment, brand new state logo opportunities remain scarce". The analyst cites the final denial on its Texas contract protest, forecasting a "material" profitability deceleration in Q4, even though he remains positive on NIC's "high margin, recurring revenue business model" longer term.
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