UPDATE: Oppenheimer Raises Amdocs' PT

According to a research report published this morning, Oppenheimer has increased Amdocs' DOX PT from $34 to $36. In the report, Oppenheimer said, "DOX beat Street EPS and came in just shy of consensus revenue. With the exception of a slower than expected recovery of AT&T spending, DOX sees solid demand, particularly in Europe and developing regions. The AT&T slowdown should prove transitory, and two emerging market clients could become top ten customers this year. DOX purchased $117M in shares and announced a $0.13 quarterly dividend. Management believes it can distribute ~50% of its annual free cash flow via dividends and buybacks." Oppenheimer maintains its Outperform rating on Amdocs, which closed yesterday at $32.18.