Wedbush Starts Cognizant Technology Solutions (CTSH) at Neutral
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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."
Shares of Cognizant Technology Solutions closed at $56.16 yesterday.
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