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NEW YORK - Shares of Amdocs Ltd. rose Thursday after the telecommunications equipment maker posted higher fourth-quarter earnings and gave a solid forecast for its fiscal first quarter, a sign that demand for its products may be stabilizing.
The latest quarter's revenue fell 14 percent from a year earlier, but it improved sequentially. For the fiscal first quarter ending in December, Amdocs expects a profit of 38 cents to 44 cents per share. Excluding some one-time items, the company sees a profit of 51 cents to 55 cents per share.
Kaufman Bros. analyst Karl Keirstead said that "the mood of its (telecom) clients improved and the decision-making and (technology) spending paralysis eased."
He said the company is seeing a stabilization of "new project-based spending as well as add-on work for existing contracts" a quarter or two sooner than it expected.
In addition, the stabilization was broad-based and not confined to any particular client, region or service offering, he said.
Keirstead reaffirmed a "Hold" rating on Amdocs and raised his target price to $28 from $26.
Shares rose $2.35, or 9.6 percent, to $26.82 in afternoon trading. In the past 52 weeks, the stock has traded between $14.61 and $27.65.
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