Oppenheimer Reiterates Outperform as Amdocs (DOX) Announces Acquisition Closures
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Oppenheimer reiterated an Outperform rating and $65.00 price target on Amdocs Ltd. (NASDAQ: DOX) following the company's announced closure of the acquisitions of three private companies. According to DOX, the three companies (Vindicia based in Silicon Valley; Dublin's Brite:Bill, and Tel Aviv-based Pontis) were priced similarly and acquired for a combined ~$260 million in cash.
Analyst Shaul Eyal commented, "This morning, DOX announced the closure of the acquisitions of three private companies as part of its digital strategy—Vindicia based in Silicon Valley, Brite:Bill based in Dublin, and Pontis in Tel Aviv. DOX announced that the three companies were priced similarly and acquired for a combined ~$260 million in cash. It expects that together, the acquisitions should contribute 1.5% to 2.0% to FY17 revenue and should be neutral to FY17 non-GAAP EPS. We believe these acquisitions should enhance DOX's customers' ability to enhance the end-user experience and reduce customer churn. Reiterate Outperform and $65 price target."
Shares of Amdocs Ltd. closed at $60.52 yesterday.
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