Oppenheimer Lowers PT on Teletech to $22

Oppenheimer is out with its report today on Teletech TTEC, lowering its PT to $22 from $23. In its report, Oppenheimer writes, "We are lowering our EPS estimates for FY11 and FY12, leaving revenue estimates unchanged for TTEC. Our FY11 EPS is now $1.28 vs prior $1.31. Our FY12 EPS estimate is shaved by a penny to $1.46. We are lowering our price target on TTEC from prior $23 to $22. Our new price target equates to 15x our FY12 estimates of $1.46. Consensus is at $1.19B/$1.32 for FY11 and $1.29B/$1.54 for FY12." Oppenheimer maintains Outperform on TTEC. At the time of posting, shares of TTEC were trading at $16.85, up 1.38% from Friday's close.