Jefferies Raises PT To $89 On CTSH

Jefferies, following yesterday's reported revenues, has raised its price target on Cognizant Technology Solutions CTSH from $85 to $89. According to Jefferies, “With shares priced nearly to perfection going into Q1 EPS, we feel yesterday's sell-off was not a function in a change in fundamentals. We believe Q2 guidance, which implies q/q revenue growth acceleration from Q1, combined with commentary on lagging European demand starting to rebound set a positive tone for Q2. Rock solid margins and growth at the head of the line versus comparables were quarterly highlights.” Jefferies maintains its Buy rating on CTSH. CTSH closed yesterday at $77.52.