Cognizant (CTSH): Elliot Management Letter Creates A Floor - Jefferies
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Jefferies analyst, Jason Kuperferberg, reiterated his Buy rating on shares of Cognizant Technology Solutions (NASDAQ: CTSH) after Elliott Management wrote a letter to CTSH's Board, detailing a proposed plan including operating margin expansion, capital deployment initiatives, and Board/incentive comp changes.
Elliott believes its plan could drive CTSH to the $80-$90 range by the end of '17, and the analyst thinks this is potentially too optimistic, at a minimum Elliott's involvement (4% stake) creates a floor for shares. No change to the price target of $63.
Shares of Cognizant Technology Solutions closed at $55.63 yesterday.
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