TeleTech Maintains 2010 Guidance After 3Q Results

Oppenheimer has published a research report on TeleTech Holdings TTEC after the company reported "healthy" 3Q results, but still maintains its 2010 guidance. In the report, Oppenheimer writes "TTEC posted healthy third-quarter results, with upside on the top and bottom lines. Existing client volumes appear to have further stabilized; importantly, flat volumes from existing clients, coupled with healthy and growing pipeline of new opportunities and strong uptake of tech-based solutions, bode well for resumed top-line growth in 2011. Strength was concentrated in International BPO, which came in well ahead of our forecast, while NA BPO fell short of estimates. In addition, bookings again rose sequentially, which bodes well for 2011 outlook. Given stabilizing fundamentals, expected return to top-line growth in 2011 and healthy balance sheet/FCF generation, we maintain our Outperform rating." Oppenheimer also maintains its $17 price target on TeleTech Holdings, which closed yesterday at $15.72.