Discretionary Backdrop Still Difficult; AI Strategy Remains Differentiated

研报英文原文证据摘录

Discretionary Backdrop Still Difficult; AI Strategy Remains Differentiated

Update

July 30, 2026 09:00 AM GMT

Morgan Stanley & Co. LLCMCognizant Technology Solutions Corp | North James E Faucette

America Equity Analyst

James.Faucette@morganstanley.com +1 212 296-5771

Shefali Tamaskar

Research AssociateDiscretionary Backdrop Still Shefali.Tamaskar@morganstanley.com +1 212 761-4948

Meryl R Thomas, CFA

Equity AnalystDifficult; AI Strategy Remains Meryl.Thomas@morganstanley.com +1 212 761-0774

Michael N Infante

Equity AnalystDifferentiated Michael.Infante@morganstanley.com +1 212 761-4631

What’s Changed Cognizant Technology Solutions Corp (CTSH.O, CTSH

Cognizant Technology Solutions Corp (CTSH.O) From To US)

Price Target $44.00 $51.00

IT Services | United States of America

Stock Rating Equal-weight

Industry View In-Line AlphaSignals Earnings Reaction

Price target $51.00

Unchanged In-line Modest revision higher Shr price, close (Jul 29, 2026) $55.97

Impact to our thesis Financial results versus consensus Direction of next 12-month Mkt cap, curr (mm) $25,298

consensus EPS 52-Week Range $87.03-37.08

Net debt (12/26e) (mm)* $67

Source: Company data, Morgan Stanley Research

* = GAAP or approximated based on GAAP

CTSH’s post-print reaction (+11%) appears more reflective of Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

negative positioning and a largely anticipated guide reset than ModelWare EPS ($) 4.52 5.66 6.42 7.17

EPS ($)** 5.28 5.73 6.42 7.17

improvement in near-term fundamentals. Encouraged by P/E** 15.7 9.8 8.7 7.8

Div yld (%) 1.5 2.3 2.1 2.1

Financial Services strength and Cognizant's front-footed AI

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

strategy, though monetization remains early. framework

** = Based on consensus methodology