UPDATE: Deutsche Bank Reiterates on Cognizant Technology Solutions as Runway Looks Long, Demand is Picking Up

In a report published Tuesday, Deutsche Bank analyst Bryan Keane reiterated a Buy rating on

, and raised the price target from $95.00 to $111.00. In the report, Deutsche Bank noted, “We are raising our TP on CTSH to $111 from $95, as we believe penetration rates remain low for CTSH's full breadth of services and expect outsized growth in both Horizon 2 and 3 to keep recent top-line growth rates sustainable. We see CTSH starting its 2014 revenue guidance at least 17% (no 8-K in Dec, so we will need to wait until Feb '14 for guidance), with the solid potential of doing another 20%+ rev growth rate by year end. In addition, we believe CTSH is likely to guide to only non-GAAP EPS in 2014, which would add another estimated $0.31 to our and consensus estimates. We are reiterating our Buy rating and issuing 2015 EPS of $5.53.” Cognizant Technology Solutions closed on Monday at $93.54.