Amdocs

DOX · NASDAQ

$61.41+$1.42 (+2.37%)TodayMarket closed · Oct 20, 5:20 PM ET

Prev close $59.99

DOX analyst rating

BuyConsensus of 5 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy3
Hold2
Underperform0
Sell0

12-month price target · 6 analysts

Average $79.65 (+29.7% upside)

Low: $63.63
Now: $61.41
High: $110.25

Upgrades and downgrades

The latest rating actions, newest first

DOX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keybanc	Jun 29, 2026	Initiates	Sector Weight	—	100%
Stifel	May 14, 2026	Maintains	Buy	$88.00 → $71.00	56%
Barclays	Feb 5, 2026	Maintains	Overweight	$111.00 → $92.00	29%
Stifel	Feb 4, 2026	Maintains	Buy	$97.00 → $88.00	56%
Wolfe Research	Nov 13, 2025	Downgrade	Outperform → Peer Perform	—	73%
Stifel	Nov 12, 2025	Maintains	Buy	$100.00 → $97.00	56%
B of A Securities	Nov 12, 2025	Maintains	Buy	$100.00 → $97.00	60%

The case for and against

Updated Oct 17, 2026

Bull case

Amdocs is viewed positively because its market-leading, software-led services model is deeply embedded in mission-critical telco operations, creating high switching costs, near 100% renewal rates, and about 90% revenue visibility through backlog. Its exposure to a large $60B+ serviceable market, with cloud contributing more than 30% of FY25 revenue and growing at double-digit rates, gives it a meaningful runway as only about 10% of industry workloads are on the cloud. While AI remains early, the launch of aOS, strong customer interest, and GenAI-driven efficiency gains could lift margins and accelerate EPS, supported by a broad customer base of 400+ clients across about 90 countries.

Bear case

Amdocs is viewed negatively because its growth outlook is constrained by heavy customer concentration, with AT&T and T-Mobile generating about 47% of revenue and the top 10 clients around 70%, making discretionary spending cuts especially damaging. Although management is pursuing GenAI, cloud, and aOS opportunities, benefits remain early and meaningful margin gains are not expected until FY27, while the phase-out of roughly $600M of low-margin non-core businesses already pressured FY25 revenue and backlog. Competition from Netcracker, CSG, Ericsson, Oracle, Salesforce, and integrators, plus cautious CSP adoption and flat-growth downside scenarios, limits pricing power and leaves only modest margin expansion potential.

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