J.P. Morgan Overweight On Amdocs

J.P. Morgan Chase & Co. is out with a research report on Amdocs DOX and it has an Overweight rating and a $36 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "Amdocs has done a good job of executing against the plan that they laid out at their analyst day to achieve 4-6% top line growth from 2011-2013. The drivers in reaching their goals included emerging markets double digit growth and positive trends in Europe which both did well this quarter. We are expecting 6% top line growth in 2011 which is at the high end of that range and believe there is room for acceleration into 2012 and margin expansion resulting in double digit earnings growth." Shares of DOX lost 85 cents yesterday to close at $30.82.