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Merrill Cuts Amdocs to Neutral from Buy

Merrill Lynch cut its opinion on Amdocs (DOX) to neutral from buy on Tuesday, explaining that the software services company faces challenges such as a deteriorating growth outlook.

Analyst Tal Liani said that in spite of positive factors including strong cash flow and a robust business model, Amdocs will be more impacted in the intermediate-term by expected margin pressure and a deteriorating growth outlook. But Liani also said that big revenue opportunities have materialized at the company (or will be expected soon.) Merrill Lynch cut its pro forma earnings per share estimate for fiscal year 2006 (ending September) to $1.69 from $1.77.

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