Amdocs initiated with a Buy at Jefferies

Jefferies initiated coverage of Amdocs with a Buy rating and $105 price target. The company is a software and systems integration supplier focused on the telecom service provider customer base, the analyst tells investors in a research note. The firm thinks Amdocs’ current revenue headwinds associated with service providers prioritizing new network transformations over legacy system upgrades will prove transitory. It likes the company’s competitive position as the only vendor in the space with decades of experience, deep expertise in telecom software environments.