First Take-Model Showing Some Resilience | Market Analysis

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Our Thoughts: Cognizant reported better than expected quarterly results and
maintained guidance. The model showed some resilience this quarter which should
be positively viewed by the market given concerns over the lowering of the
guidance. We acknowledge that we are not out of the woods yet; however,
Cognizant is a name that performs well coming out of a downturn. It has an
excellent record of execution. Healthcare is a competitive advantage and should
serve as a catalyst over the long term. We maintain our BUY rating.

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Joseph D. Foresi
617-557-2972