Amdocs Limited (DOX) Upgraded to Outperform at Wedbush

Amdocs Limited (DOX) has been upgraded today by the securities research analysts at investment firm Wedbush which raised Amdocs from a “underperform” rating to “outperform.”  Wedbush also increased their performance outlook for DOX and adjusted their price target from $32 to $37 dollars.  Wedbush noted that they are confident that the company can attain the upper end of their 4 to 6 percent growth expectations via M&A and transition to billing based on usage.

DOX entered 2011 trading after experiencing a substantial amount of whipsaw price action leading in to the new year.  Like many securities, DOX wasn’t rendered ineligible of participating in overall negative market sentiment occurring around Februrary of this year, but has since recovered.  While overall bias is north for shares of the company, it is currently consolidating from a low of $28.34 and the 52-week high of $31 dollars.

Amdocs is slated to release their next earnings report on July 27th, 2011, and the current consensus EPS estimate is expected to be 58 cents.  Their last earnings report was released on April 28th, 2011, and announced EPS of 58 cents with revenue totaling $788.935 million which was up 6.0% year to year.  DOX is currently trading between its 50 & 200-day moving averages and 2011 is an up year for the company.

Amdocs Limited provides software and services solutions to enable communications companies that are major services providers in North America, Europe and the rest of the world to move toward an integrated approach to customer management.  The company has market capitalization of $5,793,432,120 and 191,772,000 shares outstanding.  DOX has a 52-week high of the aforementioned $31.00 dollars with the low being $25.64 dollars.

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