Analyst Insight: Citigroup Raised Estimates For Cognizant Technology Solutions (NASDAQ:CTSH)

Citigroup analysts are raising their estimates for Cognizant Technology Solutions Corp. (NASDAQ:CTSH) and raising their price target to $62, up from $56.

Analysts Ashwin Shirvaikar said, "The new 2010 outlook is for revenue growth of "at least 25%" (up from "at least 20%") compared to our 23% growth expectation and 22% for consensus. The new GAAP EPS outlook is for "at least $2.10" and we are moving to $2.12 in EPS. Note that without the foreign exchange impact we have encapsulated in our guidance, we would be at $2.17 - this is the right comparison with CTSH guidance, i.e., we are quite a bit above and comfortable with it."

The bank sees fiscal 2010 EPS of $2.12, vs. consensus estimates of $2.09 per share, and fiscal 2011 EPS of $2.42, vs. consensus estimates of $2.34 per share.

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