Oppenheimer Maintains Outperform on TeleTech Holdings

Oppenheimer is out with its report today on TeleTech Holdings

, maintaining Outperform. In a note to clients, Oppenheimer writes, "We believe TTEC stock could trade back to its mean/median historical forward P/E multiple of 17-19x as investors gain confidence that the company will again be able to grow revenues and as the business model exhibits further operating leverage. In our view, TTEC's fundamentals have essentially bottomed and volumes should begin to see an improvement in the coming quarters, partly aided by new contract wins. This, coupled with continued traction on high-margin on-demand services, should help TTEC return to top-line growth in FY11. The operating leverage in the business model should fuel double-digit profitability/cash flow growth in 2011 and beyond." Oppenheimer maintains a $23 PT on TTEC. Shares of TTEC closed Thursday at $20.14.