Wachovia Upgrades Cognizant Technology (CTSH) to Market Perform
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Wachovia upgrades Cognizant Technology (Nasdaq: CTSH) to Market Perform from Underperform. Valuation Range: $23 to $26.
Wachovia analyst says, "While we remain cautious on the near- and intermediate-term prospects for growth generated by the offshore IT/BPO providers, we believe that CTSH's relative valuation to Tier I offshore providers Infosys (Nasdaq: INFY) and Wipro (NYSE: WIT), both rated Underperform, suggests the potential for relative outperformance...We estimate that an extension of the STPI tax holiday in India
could add $0.16, or 11%, to our CY10 EPS estimate for CTSH. We estimate that it would add only 4% to INFY's and 2% to WIT's FY11 (March) EPS estimates. A favorable decision could be announced as soon as July 6 with the India budget proposal."
To see more analyst ratings on CTSH Click Here.
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.
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