Sell Rating And $11 Price Target Reiterated For Convergys Corporation (CVG)
March 18, 2010 10:42 AM
Analysts Karl Keirstead and Shateel Alam at Kaufman Bros. have released an update on Convergys Corporation (NYSE: CVG).
Analysts met with the CEO of a call center outsourcing vendor, which competes with Convergys, to discuss current industry trends. Analysts, citing their source, say that the industry did not experience the typical holiday-driven bump in call volumes in late 2009, which is consistent with what several vendors said during their fourth-quarter earnings calls.
According to analysts, call volumes saw an uptick beginning in January at a greater-than-normal clip, especially for clients in consumer-oriented industries and especially in North America. However, analysts believe that recovery is still affected by a weak economy.
Analysts at Kaufman Bros. have maintained their Sell rating and $11 price target for Convergys Corporation.
