Amdocs upgraded to "strong buy" - update

06/03/05 - Raymond James

NEW YORK, June 3 (newratings.com) - Analyst Mike Latimore of Raymond James upgrades Amdocs Ltd (DOX) from "market perform" to "strong buy," while raising his estimates for the company. The target price is set to $33.

In a research note published this morning, the analyst mentions that the company is gaining ground in the global billing and OSS markets and the recent reports about its link to a private firm involved in espionage are overblown. Amdocs is well positioned to benefit from the expected growth of the billings software and services market, the analyst believes. The company is likely to be awarded large deals in the near future, according to Raymond James. The EPS estimates for FY05 and FY06 have been raised from $1.40 to $1.41 and from $1.58 to $1.62, respectively.