Citi Maintains 'Buy' Rating on Cognizant (CTSH), Drops Price Target to $42
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Citi maintains 'Buy' rating on Cognizant Technology Solutions Corp (Nasdaq: CTSH), but drops price target from $52 to $42.
Citi analyst says, "CTSH is down 8% since INFY kicked off a string of lackluster results from India's Tier 1 IT services companies. Investor expectations for CTSH are low, but the potential for CTSH to lower 2008 guidance when it reports 2Q08 results poses a negative near-term catalyst, leaving us cautious ahead of earnings. We’re cutting our revenue estimates and price target but our Buy rating stays, as the long-term business fundamentals appear intact."
Cognizant Technology Solutions Corporation (Cognizant) is a provider of custom information technology (IT) consulting and technology services, as well as outsourcing services for Global 2000 companies located in North America, Europe and Asia. [SM]
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