Amdocs Reported Weaker Topline but Solid Profitability in 1Q; Maintaining $60 FVE
Amdocs posted first-quarter results for fiscal 2018 that were slightly weaker than we expected on the top line but showed solid profitability. Although spending from AT&T is expected to slowdown, as expected, we continue to believe that the firm is expanding the cable vertical to make up for the revenue shortfall. As such, we reiterate our $60 fair value estimate for this narrow-moat stock and we consider shares overvalued at current prices.Total revenue was $977.7 million, up 2.4% year ov...
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