Cognizant data points suggest gaining traction in AI, says Evercore ISI

Evercore ISI says Cognizant (CTSH) reported a “solid” December quarter beat and initiated a revenue outlook that was moderately above consensus, with about 4% organic growth at the midpoint and an EPS outlook that bracketed Street expectations. While recently there has been a perception and renewed concerns that IT services and consulting firms are at risk from AI disruption, the company has provided data points that suggest that they are gaining traction when it comes to AI, says the analyst, who maintains Outperform rating and $100 price target on the shares.