UPDATE: Goldman Sachs Lowers Cognizant's PT

According to a research report published this morning, Goldman Sachs has lowered Cognizant's

PT from $76 to $63. In the report, Goldman Sachs said, "Following reported 1Q results we have adjusted our model to reflect a lower outlook for 2012 and subsequent years. Our changes principally reflect reduced growth assumptions with 2012 revenue growth now set at 20% (from 25%), 2013 reduced to 17% (from 20%), and 2014 reduced to 16% (from 18%). Consistent with these reductions we have trimmed our CY12E/CY13E/CY14E EPS to $3.36/$3.90/$4.52, reflecting average EPS growth of 17% (from 19%). Consistent with our reduced revenue/EPS growth expectations and a reduced multiple of 18.8 X our CY12E EPS (from 21.9 X on slower growth) we have cut our 12-month price target to $63 (from $76)." Goldman Sachs maintains Neutral rating on Cognizant, which is currently trading at $59.71.