Oppenheimer is out with a research note this morning, where it reiterates its Outperform rating on Amdocs LTD (NYSE:

); it also has a $37.00 price target on the stock. The Oppenheimer analysts said, “DOX shares came under pressure on Thursday (down 5.4%), and while we could find no convincing justification for the weakness, our discussions with investors suggest that there are two areas of concern, both of which we believe are being given too much weight. First, we believe DOX's F3Q11 results, reported 7/21, are being misinterpreted. Second, we believe there is erroneous speculation regarding DOX's prospects with key customers AT&T, Rogers and Comcast. Addressing these concerns, we believe DOX's F3Q11 results were within the guidance range, and we believe DOX's relationships with AT&T, Rogers and Comcast remain solid. We believe DOX remains an attractive investment opportunity and would be buyers on weakness.” They added, “We believe that concerns regarding alleged push-back and delays at Rogers, and risk at Comcast due to a change at the top, are also misplaced. We believe DOX's relationship with both these customers remains strong. At Comcast, we believe the incoming president is evaluating major spending projects, a standard procedure.” The analysts further noted, “We believe investors may be over-emphasizing a slowdown in sales processes in Europe (10% of revenue) which we do not believe heralds a major European slowdown. We believe no major European contracts have been recently canceled or lost. We view DOX as a leader in its space, and we view valuation, 11x our FY11E EPS of $2.39, as attractive. DOX holds ~$6.30 of cash/share. We would be buyers on weakness, and we reiterate our Outperform rating.”