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Wells Fargo steps to Cognizant sidelines

|About: Cognizant Technology Soluti... (CTSH)|By:, SA News Editor

Wells Fargo downgrades Cognizant (NASDAQ:CTSH) from Outperform to Market Perform and lowers the PT from $82 to $75, implying a 1% upside.

CTSH is expected to report earnings on May 6. Analysts estimate $4.17B in revenue with $1.04 EPS.

Cognizant shares are down 1.1% pre-market to $73.47.

Update with more details from the downgrade:

Analyst Ed Caso cites persistent operating headwinds, a lack of near-term catalysts, slower-than-peer growth in digital, and potential health vertical weakness.

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