Wedbush Upgrades Amdocs To Outperform

According to Wedbush, Amdocs DOX is upgraded to Outperform. Wedbush said that it is upgrading to OUTPERFORM and increasing the estimates as it is becoming increasingly confident Amdocs can hit the higher end of its 4-6% growth expectations through new growth opportunities, beneficial carrier M&A, and a shift to usage-based billing. “Upgrading to OUTPERFORM from NEUTRAL and raising PT to $37 from $32. We apply a higher multiple given improved LT growth expectations and impact to DCF from higher estimates and rolling forward a quarter.” Amdocs closed yesterday at $29.97.