Raising price target to $97
Having recently hosted investor meetings with Cognizant head of IR David Nelson, we summarise our key takeaways and thesis on the stock. While the company is keen to keep expectations in check, we see upward bias to FY18 consensus given a spending backdrop that looks increasingly favourable as well as FX and M&A tailwinds. We expect the company to deliver on its margin targets and see visa reform risk as manageable. Our new price target of $97 requires the stock to trade on 19x our CY19E non-GAAP EPS.Cognizant Technology Solutions is a services company, transforming customers' business, operating and technology models for the digital era. The company's services include digital services and solutions, consulting, application development, systems integration, application testing, application maintenance, infrastructure services and business process services. Additionally, the company develops, licenses, implements and supports proprietary and third-party software products and platforms. The company has organized its services and solutions into four practice areas: Digital Business, Digital Operations, Digital Systems and Technology and Consulting.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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