Amdocs price target raised to $99 from $94 at Oppenheimer

Oppenheimer analyst Timothy Horan raised the firm’s price target on Amdocs to $99 from $94 on lower discount rate and higher forward price-to-earnings, while keeping an Outperform rating on the shares. The firm notes Amdocs reported Q1 organic constant currency revenue +9.5%, above its 7.9% estimate, holding steady from Q4’s +9.5% and solidly within the 9.4%-10.8% pace seen last 18 months.