UPDATE: Stifel Upgrades CSG Systems International

In a report released Friday, Stifel analyst Matthew Vliet upgraded CSG Systems International CSGS from Hold to Buy and introduced a $40 price target.

Analysts at Stifel like CSG Systems International's recent announcement to conduct business with Comcast, projecting to add $40 million a year by 2019. Stifel projects CSG Systems' previous conjunction with Time Warner to be extended to $60 million a year.

The $40 price target is given by a full year 2014 EBITDA multiple of 9x.