UPDATE: Oppenheimer Reiterates on Cognizant Technology Solutions Corp. as Focus Shifts To FY14 Targets
In a report published Tuesday, Oppenheimer analyst Glenn Greene reiterated an Outperform rating on Cognizant Technology Solutions Corp. (NASDAQ: CTSH), and raised the price target from $88.00 to $100.00.
In the report, Oppenheimer noted, “Ahead of 3Q13 results, we reiterate our Outperform rating and raise our price target to $100 (from $88). Industry trends, and demand commentary, appear solid as evidenced by quarterly results from offshore peers (e.g., TCS, INFY, WIT), which bode well for CTSH. We believe CTSH's 3Q revenue guidance and its implied 4Q13 growth guide could prove conservative. We also remain optimistic regarding its growth prospects into FY14, and see very limited chance of comprehensive immigration reform (including onerous offshore provisions) passing within this congressional cycle.”
Cognizant Technology Solutions Corp. closed on Monday at $88.84.
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