Wedbush Morgan Downgrades CSG Systems International (CSGS) to Sell
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Wedbush Morgan downgrades CSG Systems International (Nasdaq: CSGS) from Hold to Sell.
Wedbush analyst says, "We are downgrading CSGS to Sell due to customer concentration, pricing, and growth concerns...Customer concentration concerns increase long-term risks...Hosted, flat-rate billing model puts CSG at a technology disadvantage...Pricing pressure from Comcast and likely DISH should pressure operating income and EPS growth through the end of 2009. Despite multiple acquisitions, revenue and operating income growth has been lackluster. We are slightly adjusting our estimates lower due to expected pricing pressure and lowering our price target to $14 from $15."
CSG Systems International, Inc. (CSG) is a provider of outsourced solutions that facilitate customer interaction management on the behalf of its clients, generating approximately 95% of its revenues during the year ended December 31, 2007, from the North American cable and Direct Broadcast satellite (DBS) communications markets.
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