Wells Fargo Upgrades Cognizant Technology Solutions (CTSH) to Outperform; Raises Valuation Range & Estimates
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Wells Fargo upgrades Cognizant Technology Solutions (Nasdaq: CTSH) from Market Perform to Outperform. Valuation Range raised to $44-49 from $36-40.
Wells analyst says, "We believe that Cognizant will remain a Tier I provider of offshore outsourcing and development services, and be a long-term beneficiary of the offshoring theme that we believe is still no more than the middle stages, although is currently challenged by an economically driven growth slowdown. Now it appears that CTSH has weathered the economic storm and is returning to strong double-digit growth and upward earnings estimate adjustments, although we doubt to 30% plus levels seen in the past...We are raising our EPS estimates notably: 2009 to $1.76 from $1.68, and 2010 to $2.02 from $1.80. 2009 revenue to $3.26 billion from $3.15 billion, and 2010 revenue to $3.95 billion from $3.60 billion."
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