Oppenheimer Comments on Convergys' Solid Results

In a research report released this morning, Oppenheimer said Convergys (NYSE: CVG) reported a solid first quarter with revenue of $498M.

According to Oppenheimer, "CVG announced key leadership changes, with current CEO Jeff Fox assuming the role of executive chairman and current COO Andrea Ayers taking over as CEO effective 4Q12. CFO Earl Shanks will leave the company in 3Q12 and be succeeded by SVP of Finance Andre Valentine. Reiterate Outperform on solid 1Q results and raised outlook on improving call volume metrics, further supported by dividend, buybacks and net cash/share of $2.43."

Oppenheimer maintains its Outperform rating and $15 PT on Convergys, which closed yesterday at $13.03.

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