Berenberg is downgrading VMware (VMW -6.3%) and Cognizant (CTSH -2.9%) to Hold on worries about...

|By:, SA News Editor

Berenberg is downgrading VMware (VMW -6.3%) and Cognizant (CTSH -2.9%) to Hold on worries about weak enterprise IT spending, particularly in Europe. Though the firm doesn't "expect a blood bath" for IT names in Q2, it thinks the odds of full-year guidance revisions are high. VMware was already pressured by Informatica's Q2 warning.