FEBRUARY 11, 2005
Advice from Standard and Poors
WORD ON THE STREET

Morgan Stanley Upgrades Cognizant Tech Solutions
Analyst Julie Santoriello says the IT company shows robust volume growth which will continue to outweigh margin pressures

Morgan Stanley upgrades Cognizant Tech Solutions (CTSH ) to overweight from underweight. Yesterday the company posted 21 cents, vs. 13 cents fourth-quarter earnings per share.


Analyst Julie Santoriello upgrades the stock on expectations of continued strong growth and upside earnings potential.

She says her new conviction comes primarily from her research indicating that volume growth will remain robust, coupled with her new appreciation that this growth will continue to outweigh margin pressures.

Santoriello sees 98 cents 2005 earnings per share and $1.30 2006 earnings per share. She has a $52 target price.




All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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