Tuesday, January 27, 2009

Amdocs Downgraded

Amdocs (NYSE:DOX) provides software and service for communications, media and entertainment industry service providers. It develops, implements, and manages software and services associated with the business support systems (BSS) and operational support systems (OSS). Its software systems cover the range of revenue management, customer management, service and resource management, digital commerce and service delivery, and information management. The Company’s services portfolio includes consulting and systems integration services, managed services, delivery services and product support services.

Globes Online reported that three investment houses downgraded their recommendations for Amdocs due to the company's reported results and forecast for continued difficulties. The investment houses, Oppenheimer, Cantor Fitzgerald and Wedbush Morgan all expect second quarter rwesults to lag.

Oppenheimer changed their recommendation from "Buy" to "Hold" and reduced their target price to $34. Cantor Fitzgerald also cut its recommendation to "Hold" from "Buy" and slashed its target price to $16 from $16. Wedbush Morgan had previously changed its recommendation from "Strong Buy" to "Buy." The latest change brings the recommendation to "Hold".

Amdoc's shares rose yesterday 1.8% to $17.35.
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