Amdocs Ltd. (DOX) PT Raised to $85 at Oppenheimer

Oppenheimer analyst Shaul Eyal raised the price target on Amdocs Ltd. (NASDAQ: DOX) to $85.00 (from $77.00) while maintaining an Outperform rating.

The analyst commented, "We are raising our target on DOX to $85 from $77 following solid F1Q20 (Dec '19) results. DOX posted $1.06/1.042B vs. the consensus $1.06/$1.035B. Record revenue was driven by sequential growth in North America, and healthy y/y trends in Europe and Rest-of-World. Profitability reflected investments to support the ramp of new activities at AT&T and other customers. Major announcements included Vodafone Germany's selection of DOX for a strategic transformation project, the signing of a large-scale managed transformation award at Orange Spain, a multi-year managed services agreement with A1 Bulgaria (a subsidiary of A1 Telekom Austria), and Korea Telecom's selection of DOX to accelerate the introduction and monetization of new 5G consumer and enterprise offerings in the South Korean market. Reiterate Outperform."

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