Oppenheimer Reiterates an 'Outperform' on Cognizant Technology (CTSH) Comments From Annual Conference

August 17, 2012 10:34 AM EDT
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Oppenheimer reiterates an 'Outperform' on Cognizant Technology Solutions (NASDAQ: CTSH).

Analyst, Glenn Greene, said, "We hosted the president of Cognizant, Gordon Coburn, at our 15th Annual Technology, Internet and Communication Conference. Following a solid 2Q, CTSH appears positive on the environment and confident in its 20% CY12 revenue growth outlook. The 3Q deal environment appears stable and CTSH should benefit from counter-cyclical application management work and new deals in 2H:12. Encouragingly, BFSI performed better than company expectations in 2Q as large banks rebounded Q/Q. Management believes vertical maturation concerns are overblown and suggested its addressable market has doubled over the last 3-4 years. Continental Europe will likely remain soft for the balance of CY12, but in our view, represents a strong longer-term growth opportunity as offshore adoption is very low, and pipeline prospects remain healthy and are improving. CTSH also could leverage acquisitions to broaden its local presence in key markets such as France and Germany. We believe CTSH remains highly attractive."

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 $64.92 yesterday.

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