11:00 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target price $9 to $69, 15x our '24 EPS view, near peers and below CTSH's five-year average (~16x) on low near-term discretionary spending visibility. We raise our 2024 EPS view $0.01 to $4.62 and cut '25's $0.01 to $4.98. CTSH posted Q1 sales of $4.76B (-1% Y/Y) and EPS of $1.12 (+1%), near consensus, while leaving its '24 guidance unchanged. Employee metrics continue to improve, with voluntary attrition down 70 bps Q/Q (and 1,000 bps Y/Y) to 13.1% and utilization improving to 82% from 81% in Q4 (vs. 84% in Q1 2023). CTSH is also executing on its large deal strategy, signing eight deals with TCVs above $100M in Q1 (vs. four in Q1 23). TTM bookings of $25.9B grew 1% Y/Y but fell 2% Q/Q. We see CTSH as middle-of-the-pack with respect to GenAI, with related bookings not publicly reported, but it is improving its position with ~80% Q/Q growth in early (exploratory) client engagements (to >450) and a growing list of internal use cases that should aid CTSH's operating efficiency and value proposition.