UPDATE: Barrington Research Initiates Outperform

Barrington Research initiated its coverage on NIC

with an Outperform rating and a price target range of $16 to $17 a share. Barrington Research commented, "NIC is the leading provider of eGovernment services offering official websites, online services and payment processing solutions for more than 3,500 federal, state and local agencies. Secular growth attributes for NIC include the need for both state and federal governments to drive efficiencies and better allocate existing resources by outsourcing non-core competencies. Ninety percent of NIC's revenues are transactional or recurring fees giving high visibility into both sales and earnings growth." NIC closed at $12.96 on Wednesday.