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03.05.2019 18:08:19

Cognizant is swimming in downgrades after earnings miss

Cognizant Technology Solutions Corp. bulls ran for the hills on Friday, after the company missed on earnings and revenue the prior afternoon and saw its new chief executive "essentially walk away from the company's financial targets that were provided to the street back in November 2018," according to Wedbush analyst Moshe Katri. That dynamic, along with ongoing restructuring plans, prompted Katri to downgrade shares of the IT services company to neutral from outperform on Friday. He also removed the stock from his firm's best ideas list. Katri was one of at least eight analysts tracked by FactSet who cut their ratings on the stock. Another, Oppenheimer's Glenn Greene, wrote that the company was possibly "kitchen-sinking" its outlook when it cut its prior revenue forecast by more than $600 million, but he sees uncertainty ahead as far as Cognizant's revenue and profitability trajectory. Greene cut his rating on the stock to perform from outperform. Shares are down 10.6% in midday trading Friday, and they're off 6.2% so far this year. The S&P 500 has risen 17% in that time. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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