Cognizant Technology (CTSH) Stock Coverage Initiated at Pacific Crest
NEW YORK (TheStreet) -- Cognizant Technology Solutions (CTSH) - Get Report stock coverage was started with an "overweight" rating and $69 price target at Pacific Crest Securities.
"We believe Cognizant has evolved over the past few years: It has moved up the value chain and, in certain areas, competes on higher-end consulting and advisory services; our checks indicate that the company maintains a more trusted status with clients," Pacific Crest wrote in an analyst note.
As a result, the firm believes Cognizant is well positioned to take advantage of increased spending on digital and for revenue acceleration in 2017.
Additionally, the company has built a highly resilient business model which enables it to grow even amid a macro slowdown, Pacific Crest said.
The Teaneck, NJ-based company is a provider of information technology, consulting and business process services.
Shares of Cognizant are lower by 0.26% to $58.29 on Tuesday morning.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, growth in earnings per share and increase in net income.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CTSH