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Although Cognizant Technology Solutions Corp (NASDAQ: CTSH) continues to face near-term headwinds, there are attractive intermediate-term market opportunities for the company, Oppenheimer’s Glenn Greene said in a report. He maintained an Outperform rating on the company, with a price target of $68.
The headwinds that weigh on Cognizant Technology’s near-term growth include sluggish bank spending, healthcare payor M&A as well as Brexit, which seems to be a “new hard-to-quantify uncertainty,” analyst Glenn Greene mentioned.
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Takeaways From Meetings With Management
Management has indicated that the company’s addressable market, which includes BPO, is now “larger than it has ever been,” Greene stated. Cognizant Technology expects to witness robust technology demand over the intermediate to long term.
Although spending by large domestic and European banks was weak in 1Q, it stabilized exiting the quarter. Meanwhile, insurance and regional bank spending remained strong. Brexit has led to increased uncertainty, and could adversely impact discretionary bank spending, the analyst noted. He added, however, that it was too early to “handicap the potential impact on 2H/FY17 expectations.”
Although Cognizant Technology is transitioning from rapid to slowing growth, the company is still able to generate industry-leading absolute growth. Moreover, the stock valuation remains attractive, Greene stated.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.