BUZZ - Cognizant lowers its full-year revenue forecast, shares fall

October 29 - ** Shares of Indian IT services company Cognizant (CTSH.O) listed in the US fell to a more than two-week low, last quoted at $64.66, down 2.56%

** The company lowered its full-year revenue guidance midpoint from the previous estimate of $22.20 billion to $22.10 billion, below the LSEG analyst consensus estimate of $22.18 billion

** CTSH expects its full-year adjusted earnings per share median to be $5.76, above the expected $5.65

** Third-quarter revenue was $5.7 billion, exceeding analysts' expectation of $5.6 billion; adjusted earnings per share was $1.49, also higher than the expected $1.47

** The stock currently trades at 10.63 times its expected earnings per share for the next 12 months, lower than the industry median of 13.19

** Of the 30 brokerages covering the stock, 13 rate it as “buy” or higher, and 17 rate it as “hold”; the median target price is $67.50—data compiled by LSEG

** Including today's movement, CTSH has accumulated a decline of over 22% so far this year

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