UPDATE: J.P. Morgan Lowers Cognizant's PT
According to a research report published this morning, J.P. Morgan has lowered Cognizant's (NASDAQ: CTSH) PT from $82 to $72.
In the report, J.P. Morgan said, "Guidance cut was disappointing, pushing CTSH stock down as much as 19% (vs. flat S&P 500), as the wall of worry over potential long term slowdown in offshore growth rates just got taller. We acknowledge current cyclical pressure and related difficulty in growing top clients, but believe our thesis of increasing offshore adoption and the company's premium growth (fastest still among direct peers) strategy remain intact."
J.P. Morgan maintains its Overweight rating on Cognizant, which closed yesterday at $56.30.
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