Cognizant Technology Solutions (CTSH) PT Lifted to $76 at Needham & Company on Strong Start to FY15

Needham & Company analyst Mayank Tandon reiterated a Buy rating and boosted its price target on Cognizant Technology Solutions (NASDAQ: CTSH) to $76.00 (from $67.00) after the company kicked off FY15 on a positive note.

Tandon commented, "CTSH kicked off the year on a positive note, delivering upside results for 1Q despite currency headwinds. Growth was fairly broad based, with healthcare and North America recording the strongest trends. Management bumped up FY15 guidance, largely reflecting the 1Q beat. The positive start to the year indicates underlying demand trends remain strong with strength in key areas such as Europe, healthcare, and digital. We believe additional strength in these segments combined with the impact from large deal ramp ups and TriZetto-related synergies could be the key sources of upside over FY15 and FY16. Even with CTSH shares at an all-time high intra-day, with valuation reasonable at 18x ex-cash our FY16 EPS estimate of $3.40 and upside potential to estimates we reiterate our BUY rating. Our target is raised to $76."

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 $59.14 yesterday.

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