2Q Recap: Revenue Revision Helps De-Risk Top-Line Outlook and Keeps CTSH in the Winner’s Circle Among Large-Cap Peers

研报英文原文证据摘录

2Q Recap: Revenue Revision Helps De-Risk Top-Line Outlook and Keeps CTSH in the Winner’s Circle Among Large-Cap Peers

J P M O R G A N North America Equity Research

30 July 2026

Cognizant

2Q Recap: Revenue Revision Helps De-Risk Top-Line Overweight

Outlook and Keeps CTSH in the Winner’s Circle Among CTSH, CTSH US

Large-Cap Peers Price (29 Jul 26):$55.97

▲Price Target (Dec-27):$67.00

Prior (Dec-26):$55.00

CTSH shares enjoyed a nice rally in reaction to solid results and trimmed revenue

outlook, which was broadly expected and consistent with our preview. Outlook Payments, Processors & IT Services

was well received as it helps de-risk revenue guidance and keeps Cognizant’s Tien-tsin Huang, CFA AC

growth profile firmly in the winner’s circle among large-cap peers owing to solid (1-212) 622-6632

execution of management’s strategy. 2Q revenue came in modestly ahead of the tien-tsin.huang@jpmorgan.com

midpoint of organic guidance and margins were steady with assistance from Puneet Jain

Project Leap savings. That said, we believe FY26 FXN rev growth guidance is not (1-212) 622-1436

puneet.x.jain@jpmorgan.com

fully de-risked, as it still features a 2H ramp (implying flat to +2.5% average

Brendan Biles

sequential growth vs +0.3%/+0.7% the last two years), with the high end hinging

(1-212) 270-0880

on 4Q short-cycle improvement and fewer furlough days in Financial Services, but brendan.biles@jpmorgan.com

management seems motivated to deliver. Overall, our OW thesis remains intact as Abbey Hochreiner

CTSH appears to be on track to outperform large-cap peers on growth in CY27 (1-212) 270-5798

(JPMe CTSH 3% vs. peers’ 1-3%) and continues to trade at a discount (~10x NTM abbey.hochreiner@jpmchase.com

PE vs. peers' 12-16x) that should narrow if execution remains sharp. J.P.