UPDATE: Societe Generale Initiates Cognizant Technology Solutions at Buy on Strong Growth Rate
In a report published Friday, Societe Generale analyst Mukul Garg initiated coverage on Cognizant Technology Solutions (NASDAQ: CTSH) 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 closed on Thursday at $63.10.
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