UPDATE: Jefferies Reduces PT to $76 on Cognizant Technology Solutions

Jefferies lowers its price target from $87 to $76 on Buy-rated Cognizant Technology Solutions (NASDAQ: CTSH) following takeaways from meetings with the company management.

Jefferies comments, "Earlier, we hosted a fireside chat with CTSH's new CFO, Karen McLaughlin. While CTSH's growth profile has been temporarily diminished, we don't expect another guidance cut this year, we believe long-term secular growth drivers are intact for offshore IT services, we continue to view CTSH as a share-taker, and we view yesterday's sell-off as an attractive buying opportunity, recognizing mgmt needs to earn back investor confidence."

CTSH closed at $56.30 on Tuesday.

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