Shares of Online Resources Corp. increased Thursday after Matthew J. McCormack, an analyst with Friedman, Billings, Ramsey & Co. Inc., wrote an optimistic research note on the Chantilly, Va., banking technology vendor.
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Mr. McCormack wrote that Online Resources' bill-payment volume from big banks and billers is improving, and that new services will further increase revenue.
"As the macroeconomy enters a somewhat uncertain period, Online Resources believes that it will continue to see high growth in new product offerings, such as collections and expedited payments," he wrote.
Mr. McCormack reiterated his "outperform" rating and $12 target price for the stock.
Online Resources' shares climbed 2.42% Thursday, to close at 9.75.
