[Dow Jones]–Credit Suisse cuts Amcom Telecommunications (AMM.AU)...

[Dow Jones]–Credit Suisse cuts Amcom Telecommunications (AMM.AU) to Underperform from Neutral on slower take-up of Cisco/Cloud computing technology, and EPS dilution after AMM’s A$40 million capital raising. “With FY14 all but complete, it has been a slow start in AMM’s first year of selling the CISCO HCS product,” the broker says. “We have downgraded forecasts to reflect our view the Cisco and Cloud platforms will take much longer to become meaningfully profitable.” Downgrades to Cisco HCS and Cloud account for half of its 9%-10% EPS forecast downgrades for FY15-FY16, with the balance being dilution from the capital raising. Target price falls 13% to A$1.87.