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Fly News Breaks for May 3, 2019
CTSH
May 3, 2019 | 07:14 EDT
KeyBanc analyst Arvind Ramnani downgraded Cognizant to Sector Weight from Overweight following the company's "disappointing" Q1 revenues, driven by weakness in financial services and healthcare. The magnitude of the FY19 guide down was material at ~$590M, Ramnani notes in a research note to investors, adding that revised guidance assumes only 2.7% growth, down from 6.5% previously at the midpoint. Further, long-term targets that were set in late-2019 are likely to be lowered, the analyst says.
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