Argus Downgrades Cognizant Technology Solutions (CTSH) to Hold
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Argus downgraded Cognizant Technology Solutions (NASDAQ: CTSH) from Buy to Hold after the resignation of the company’s president amid a corruption investigation in India.
"Given that a top executive has resigned, however, we see risks that the illegal practices could be extensive and long-lived. Additional agencies such as DoJ and SEC could conduct investigations of their own, and this matter could overhang the CTSH shares of a significant amount of time," the analyst said.
Shares of Cognizant Technology Solutions closed at $55.00 yesterday.
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