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CS First Boston Keeps 'Buy' on Cognizant Technology

Credit Suisse First Boston keeps buy on Cognizant Technology (CTSH), but advises caution due to the conflict in India.

Analyst Barry Chubrik says the situation along the India/Pakistan border is escalating. He says a warning, one that was issued May 31 by the U.S. Dept. of State regarding travel to India, could impact the company's business momentum into the second half -- depending on the severity of the situation.

Chubrik sees three scenarios potentially impacting the company, from the most likely to least likely: customer prospects delaying travel/purchasing decisions ramp-up, existing customers delaying additional projects, and existing customers pulling IT work out of India. Chubrik maintains his $1.51 2002 earnings per share estimate and keeps his $1.72 2003 estimate. He still rates the stock as buy.

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