Cognizant Technology Solutions (CTSH) Guidance Cut Implies No Improvement In Fundamentals, Reit Buy at HSBC
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HSBC analyst Yogesh Aggarwal reiterated a Buy rating and $72.00 price target on Cognizant Technology Solutions (NASDAQ: CTSH) after the company reported weak 1Q19 results last week and sharply cut its 2019 growth and margin guidance.
The analyst stated "the extent of the cuts were sharper than we estimated. We now see the guidance as too conservative and it bakes in no improvement in deal wins or large client traction. CTSH currently has two concurrent issues – lack of large deal wins and issues in some large clients (banking and healthcare). But still revision in incremental revenue guidance from USD1,450m to USD800 (at the top end) for the year looks steep and conservative to us".
Shares of Cognizant Technology Solutions closed at $59.60 yesterday.
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