Amdocs Limited (DOX: sentiment, chart, options) has been hit hard this morning, falling more than 4% after Kaufman Brothers downgraded the equity from "buy" to "hold." Despite today's downgrade, it appears that optimism is still riding high toward the shares. Zacks reports that DOX has earned 11 "strong buy" ratings, 3 "buys," and 5 "holds." This bullish configuration leaves ample room for potential downgrades.

Even short-term options players are enamored of the company. The Schaeffer's put/call open interest ratio (SOIR) for DOX comes in at 0.29, as calls more than triple puts among near-term options. This reading is lower than 90% of all those taken during the past year, indicating that short-term speculators have been more optimistically aligned just 10% of the time during the past year.

From a technical perspective, the stock has dropped sharply today, falling back below staunch resistance at the 20 level. This round-number region had capped the shares from when they gapped below this level on Nov. 6 until Jan. 5. This region could result its role of resistance during the near term.