Morgan Stanley Initiates Coverage of Cognizant Technology with Equal-Weight Rating
In a report released earlier today, Morgan Stanley initiated coverage of Equal-Weight to Cognizant Technology Solutions Corp. (NASDAQ: CTSH) with an Equal-Weight rating, but did not set a price target.
Morgan Stanley went on to say “Historically, Cognizant has grown USD revs ~1470 bps faster than Infosys on a YOY basis. Applying this premium to INFY's F13 guide suggests that Cognizant can grow ~23%-25% in C12 (although off by a quarter). Given both companies' reputations for conservatism, we therefore expect the consensus YOY revenue growth forecast of 23.1% for Cognizant to remain firm.”
Cognizant Technology Solutions Corp. closed yesterday at $76.76.
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