Amdocs Posted a Solid Quarter That Tracked Closely With Our Expectations; Shares Overvalued
Amdocs delivered fiscal first-quarter results that were in line with our expectations, featuring decent topline growth and stable operating margins. Some major contract wins, stable profitability and a healthy contract backlog continues to give us confidence on the company’s competitive position within a shifting telecom landscape. We are keeping our fair value estimate at $47 a share for this narrow moat stock, and we believe that shares are overvalued at current levels.During the quarter, Amd...
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