UPDATE: Societe Generale Initiates Coverage on Cognizant Technology Solutions Corp. with Buy Rating, $74 PT on Strong Growth Rate

In a report published Friday, Societe Generale analyst Mukul Garg initiated coverage on

with a Buy rating and $74.00 price target. In the report, Societe Generale noted, “Cognizant's revenues have grown rapidly over last few years, outpacing most of its peer group. We expect the company to post revenue growth of close to 18% in CY13 (26% higher than the top end of NASSCOM's guidance for FY14) and to maintain an industry-leading growth rate over the next couple of years. Also, as the company has reported EBIT margins at the top end of its target range for the last few years, we see only a low risk of a margin miss.” Cognizant Technology Solutions Corp. closed on Thursday at $63.10.