We Believe Cognizant Has a Narrow Economic Moat Because of Customer Switching Costs
Cognizant reported a surprisingly weak start to fiscal 2019 and, with only one quarter in the books, materially lowered its full-year guidance. Notably, the firm almost halved its full-year revenue growth outlook from a midpoint of 8.0% in constant currency terms to 4.4% and reduced its adjusted diluted EPS expectations from over $4.40 to a midpoint of $3.91. The soured outlook comes fresh on the heels of prior CEO Francisco D’Souza’s departure and places new CEO Brian Humphries (who has been in...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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