Jefferies & Company Believes That Cognizant Technology (CTSH) Will Beat The Consensus Estimates

Joseph Vafi of Jefferies & Company said in an interview on CNBC that Cognizant Technology Solutions Corp.

will beat the Wall Street consensus on August 3rd, when it is due to report earnings. The analyst explained that fundamental factors are pointing for robust demand to continue. He is modeling this company to grow at 25% this year, but a great 2Q could improve that growth to 30%. Cognizant Technology Solutions Corp. (

) is hiring people, which is an encouraging sign for Mr. Vafi. This is a company that hires people and builds them out to generate its revenue, said Mr. Vafi. In 1Q it hired around 7,000 workers, which is an increase of 35%. Cognizant's (

) largest customers are the big banks, and it provides IT services for financial institutions. CTSH is currently trading 1.30% higher, at approximately $54.60.