Citigroup Remains Confident In Cognizant Technology Solutions

Citigroup said that it believes that, for the rest of this year, Cognizant Technology Solutions CTSH could work modestly higher from current levels but it is likely to be quite volatile. “The next serious catalyst for the stock is in early Feb-2011 when it gives formal 2011 financial guidance,” Citigroup writes. “We remain confident in our unchanged (significantly above-consensus) 28% revenue growth for 2011 – consensus has recently risen from the ~22% growth level to ~24%.” Citigroup said that for some investors who are focused on locking in their gains (CTSH is up 43% this year), getting back into the stock before this catalyst is an acceptable approach. “Investors with a longer-term view than a few months should stay the course / buy more, in our view,” Citigroup adds. Cognizant Technology Solutions currently trades at $65.04.