Cognizant Technology Solutions Topped Q2 Estimates, Top Line Up 34.4%

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) reported Q2 EPS of $0.67, ahead of consensus estimates of $0.66 per share. Revenues rose 34.4% year-over-year to $1.49 billion, topping consensus estimates of $1.46 billion.

The company sees Q3 EPS of $0.70, in line with consensus estimates, on revenues of at least $1.57 billion, vs. consensus estimates of $1.54 billion. For 2011, Cognizant Technology sees EPS of at least $2.78, vs. consensus estimates of $2.77 per share, on revenues of at least $6.06 billion, vs. consensus estimates of $5.98 billion.

Cognizant Technology Solutions has a potential upside of 23.4% based on a current price of $70.69 and an average consensus analyst price target of $87.21.

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