Coverage On Westway Group, Postive Outlook For Amazon, Comverse Technology and Cognizant, (WWAY, ESLT, AMZN, CMVT, CTSH)

Analysts at Oppenheimer provided an update on companies including Amazon.Com Inc. (NASDAQ: AMZN), Comverse Technology, Inc. (OTC: CMVT), Westway Group, Inc (NASDAQ: WWAY), Cognizant Technology Solutions Corp. (NASDAQ: CTSH) and Elbit Systems Ltd. (ADR) (NASDAQ: ESLT).

The firm expects stronger spending commitments to offshore vendors during 2010 as the economic condition improves and the decision making pace of U.S. companies quickens. The firm maintains a favorable outlook for Amazon.Com Inc. Sales for AMZN grew by more than 40 percent compared to the last year and EPS topped the consensus estimate of $0.72 going to $0.85. A Buy rating was maintained for Amazon.Com Inc.

Oppenheimer believes that Comverse Technology, Inc`s shares should benefit from a return of sidelined investors, and expects that a subsequent relisting would unlock shareholder value. The firm maintained a Buy rating for CMVT.

Oppenheimer initiated coverage on Westway Group with a Perform rating. The firm believes that WWAY is well run with a strong management and steady earnings. The firm views WWAY shares to be fully valued given the company`s small market capitalization, limited liquidity and potential dilution.

Oppenheimer raised the estimates as well as price target for Cognizant Technology Solutions to $50 as a result of CTSH’s strong momentum and historically faster growth compared to its peers.

The firm dropped coverage of Elbit Systems shares as a result of reallocation of analyst resources and refocusing of Israeli Technology coverage universe.