UPDATE: Oppenheimer Downgrades Amdocs Limited to Perform; No Near-Term Catalysts

Oppenheimer downgraded Amdocs Limited DOX from Outperform to Perform and removed the price target of $37.00. Oppenheimer analyst Shaul Eyal noted, "We are downgrading DOX to Perform from Outperform, removing our target and leaving estimates unchanged. We have no concerns about DOX's outlook or the quarter, and our rating change is based on DOX approaching our prior target of $37. On 3/13, DOX closed $1.04, or 3%, below our prior target, and near-term upside becomes relatively limited. Further, DOX's FY14 P/E is in line with or above comparables, and catalysts driving recent price performance have run their course for now. Although we are moving to the sidelines, reinvigorated catalysts could encourage us to re-adopt a more positive stance." Amdocs Limited closed at $35.96 on Wednesday.