Wedbush Starts Cognizant Technology Solutions (CTSH) at Neutral

September 9, 2016 7:16 AM EDT
Get Alerts CTSH Hot Sheet
Price: $56.64 -0.02%

Rating Summary:
    21 Buy, 11 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Wedbush initiates coverage on Cognizant Technology Solutions (NASDAQ: CTSH) with a Neutral rating and a price target of $65.00.

Analyst Moshe Katri commented, "We are initiating coverage with a NEUTRAL rating and $65 PT as recent/ongoing M&A activity in the Health Care provider space (30% of revenue FY15) combined with Brexit exposure is already impacting CY16's top line growth. We think this will likely more than offset the positive benefits from Cognizant's success in expanding its SMAC-based revenue as well as the cross-selling from TriZetto. Accordingly, YOY revenue and adj. EPS growth has been moderating from FY15's levels (high-teens) to the high single-digit to low-teens. Cognizant's stock currently trades at 15.8X WS/consensus FY17E adj. EPS."

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 $56.16 yesterday.

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