Fly News Breaks for August 2, 2019
Aug 2, 2019 | 07:44 EDT
UBS analyst Diviya Nagarajan downgraded Cognizant to Sell from Neutral and cut his price target on the shares to $60 from $62 as he believes CEO Brian Humphries' plans to improve sales and operational focus are unlikely to lead to sustainable share gains in the medium term. While operational improvements are likely to help at the margin, he is skeptical they will be enough to help catch up to the competition, Nagarajan tells investors. Demand issues in banking pose risks to his revenue forecasts and he also sees risks to the company's second half operating margin guidance of 18%, the analyst added.
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