Cognizant Technology Solutions Beats JP Morgan's Revenue Estimates For 4Q

JP Morgan has published a research report on Cognizant Technology Solutions (NASDAQ: CTSH) after the company reported 4Q results that were driven by strong growth.

In the report, JP Morgan writes "CTSH's 4Q10 revenue was ahead of expectations at 7.7% q/q (vs. expectations of 5% growth). Solid FY11 revenue growth guidance of 26%+ also met our expectations and could prove conservative. We believe the results and F1Q11 guidance indicate that offshore demand environment remains strong, CTSH continues to grow at a premium, and guidance reflects prudent conservatism. We do not expect significant changes to our growth estimates for FY11 beyond the magnitude of the 4Q beat. We continue to recommend CTSH as our top ITS stock idea."

JP Morgan maintains its Overweight rating on Cognizant Technology Solutions, which closed Friday at $75.42.