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9 IT Services Stocks With Upside

2. Cognizant Technology Solutions> (CTSH) offers information technology, consulting and business process outsourcing services.

Of the 29 analysts covering the stock, 83% recommend a buy and 17% suggest a hold. The stock's average 12-month price target is $84.10, which is 27.5% higher than the current price, according to a Bloomberg consensus.

Revenue for the third quarter of 2011 grew 31.6% year-over-year to $1.6 billion from $1.2 billion during the 2010 third quarter. GAAP net income improved to $227.1 million, or 73 cents per diluted share, vs. $203.7 million, or 66 cents per diluted share, during the prior year's third quarter. The quarter ended with net headcount addition exceeding 12,000, including 4,000 employees from the CoreLogic India acquisition.

For the 2011 fourth quarter, the company expects revenue of at least $1.66 billion and diluted EPS of 76 cents per share, excluding $0.06 of estimated stock-based compensation expense. Full year 2011 revenue is expected to be least $6.11 billion, up 33% compared to 2010. Fiscal 2011 diluted EPS is seen above $2.83 on a GAAP basis, excluding $0.22 of estimated stock-based compensation expense.

Last month, Telefónica UK, a leading communications company for consumers and businesses in the UK, has selected CTSH as a strategic partner for managing and developing its online applications, critical to improving sales and enhancing customer service.
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