Needham & Company Starts Cognizant Technology Solutions (CTSH) at Buy; The Gold Standard

Needham & Company initiates coverage on Cognizant Technology Solutions (NASDAQ: CTSH) with a Buy. PT $100.

Needham analyst says, "Cognizant is positioned at the heart of the global IT and BPO offshoring trend. The market opportunity remains underpenetrated and we believe Cognizant has the potential to double its revenue base within 3-4 years. We see upside potential to revenue and earnings estimates through FY11 and FY12 as clients continue to increase their offshoring penetration and new verticals and regions open up to offshoring. With industryleading and a defensible margin structure, Cognizant is our Top Pick."

For more ratings news on Cognizant Technology Solutions click here and for the rating history of Cognizant Technology Solutions click here.

Shares of Cognizant Technology Solutions closed at $74.02 yesterday.

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