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Fly News Breaks for October 3, 2016
CTSH
Oct 3, 2016 | 07:07 EDT
Deutsche Bank analyst Bryan Keane said that Cognizant's internal investigation on improper payments made in India, while clearly a negative, is similar to fines and issues encountered by other U.S. multinationals conducting business in India. Also, Keane believes the resignation of President Gordon Coburn is "larger to the investment community than it is internally." After speaking to CFO Karen McLoughlin, Keane does not see any change in Cognizant's fundamental position and keeps a Buy rating with a $69 price target on the shares.
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