New York, September 17 (FinanceEnquiry.com) – Analysts at Credit Suisse initiate their NEUTRAL rating on the shares of Cognizant Technology Solutions Corporation (NASDAQ: CTSH). The 12-month target price is set to $75.
In a research note published on September 14, the analysts mention that over 50 percent of Cognizant Technology Solutions’ business is application improvement work that is seen as more unrestricted in nature. Furthermore, from the Financial Services vertical, approximately 41 percent of the company revenue is derived.
It is believed prudent to stay on the sidelines near-term due to the headwinds of this industry. In addition to this, deceleration in growth is supposed as a risk to the current multiple in longer term. At 17.5x the EPS estimate of 2013, the stock of Cognizant Technology Solutions Corporation currently trades.
Due to the less visibility around discretionary IT spending, particularly in the financial vertical, it seems logical, even though this is below the historical ten and five year averages of the stock.
The stock trades off significantly as in the unusual event of a miss by Cognizant Technology Solutions Corporation relative to expectations. Additionally, it means that industry-leading growth is expected to be delivered by CTSH, the analysts add further.
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