SS&C Technologies delivered its typical upside to the bottom line in the quarter with non-GAAP operating margins coming in at 37.2%, but the story of the Q4 results was the outlook for 2019, JPMorgan analyst Jackson Ader tells investors in a research note. Revenue, cash flow and non-GAAP net income guidance all came in ahead of expectations and just as importantly, the commentary around what is implied in the guidance "seems reasonable," Ader adds. The analyst is now increasingly confident in management's ability to deliver on margin expansion and he keeps an Overweight rating on SS&C with a $70 price target.