Software and IT Services: Cognizant warning on Financial Services: what implications for our stocks under coverage?

Yesterday, Cognizant reported FY15 results and issued a cautious guidance range due to Financial Services and Healthcare. It warned of discretionary IT projects being pushed out and of slower growth in Q1 16 due to economic concerns. The lower end of the 10-14% FY16 sales growth guidance suggests an ongoing freeze if economic concerns continue. While strategic projects are not called into question, we cannot rule out longer sales cycles. The IT stocks in our coverage that are most exposed to this are Temenos, Axway, Sopra Steria, Capgemini, Software AG, and Atos.