UPDATE - Cognizant backs Q3, 2008 revenue outlook, shares up (at Reuters)

Oct 10 (Reuters) - Cognizant Technology Solutions Corp (CTSH.O: ), an information technology service provider, reaffirmed its third-quarter and 2008 revenue outlook, and its shares rose as much as 8 percent. For the third quarter, the company, whose clients include Aetna Inc (AET.N: ) and Molina Healthcare (MOH.N: ), expects revenue of $723 million. Analysts on average were expecting $722.8 million, according to Reuters Estimates. Cognizant had, on July 31, cut its 2008 revenue outlook to $2.81 billion, which it backed on Friday, from $2.95 billion. However, Citigroup analyst Ashwin Shirvaikar cut his price target to $26 from $40,... [read full story]