Cognizant (CTSH): Elliot Management Letter Creates A Floor - Jefferies

November 30, 2016 8:22 AM EST
Get Alerts CTSH Hot Sheet
Price: $56.85 +0.35%

Rating Summary:
    21 Buy, 11 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

For an analyst ratings summary and ratings history on Cognizant Technology Solutions click here. For more ratings news on Cognizant Technology Solutions click here.

Shares of Cognizant Technology Solutions closed at $55.63 yesterday.

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