Goldman Sachs Raises PT On Cognizant Technology Solutions To $90 Following Earnings

Goldman Sachs reiterates its CL-Buy on Cognizant Technology Solutions CTSH shares, as Cognizant remains a leading large-cap growth engine across TMT with a revenue growth profile of 32% in CY2011 that is only matched by a select few other tech companies. At Goldman's forecasted growth rates, CTSH will double its revenues from $4.6 bn in CY2010 to nearly $10 bn in total revenues through 2013. Goldman also introduces a 2013 EPS estimate based on an initial forecast of 25% revenue growth. It raise its CY11 EPS estimate by $0.06, to $2.78 and CY12 EPS estimate by $0.10, to $3.53. Goldman's CY13 EPS estimate is $4.40. Reflecting on higher estimates, Goldman raises its 12-month price target from $87 to $90, implying 20% upside. CTSH closed Monday at $74.72