J.P. Morgan Reports Buying Opportunity After Cognizant 1Q Revenue

According to J.P. Morgan, the "soft" 43% YoY Growth for Cognizant CTSH created an opportunity for investors to buy the premium grower. In the report, J.P. Morgan said, "The secular and cyclical growth story is intact, and we still see nice upside potential to raised CY11 revenue growth guidance of 29%+. We now view CTSH (trading at 22x our CY12 estimates vs. peers at 19x) as our top IT services/BPO pick, given its premium growth, and maintain our $92 Dec'11 end PT." CTSH closed yesterday at $77.52.