UPDATE: BGB Securities Lowers TeleTech's PT

According to a research report published earlier today, BGB Securities has decreased TeleTech Holdings'

PT from $20 to $17 after the company provided disappointing guidance for CY12. In the report, BGB Securities said, “While the company has been focusing on growing its higher margin technology-enabled service offering, the lowered growth expectations illustrates the sizable amount of revenue that is generated from traditional call center services. We are lowering our price target to $17 from $20, based on 7.0x our downwardly revised CY12 EBITDA estimate of $126M.” BGB Securities maintains its Hold rating on TeleTech, which closed Friday at $15.56.