UPDATE: JP Morgan Raises PT to $35 on Amdocs on Cash Return

JP Morgan reiterated its Neutral rating on Amdocs

but raised its price target from $33 to $35. JP Morgan noted, "Amdocs ended their FY2012 as expected, facing a challenging macro environment, but took the opportunity to return cash to shareholders and enacted its first dividend to enhance total return. We believe macro in fiscal 2013 will remain challenging for the telecom industry to start, but we like what DOX management is doing to enhance total return with continued share buyback and quarterly dividend." Amdocs closed at $33.28 on Tuesday.