BFSI and Healthcare verticals continued to lag the overall growth with an unchanged' muted outlook, impacted by few large banking accounts (capital market segment). Within BFSI, growth was insurance-led; NorthAm large banks' outlook was less muted than Europe large banks that face bigger macro risks, yet stable budgets seen for CY20. Outlook for CMT vertical mixed with positive commentary for Communications segment (+ve for TechM), offset by content services business impact in Technology. CTSH lags industry growth impacted by BFSI, Healthcare verticals and CTSH-specific factors (business re-calibration following the leadership change). Our checks suggest no material increase in competitive intensity. Prefer INFY, HCLT and TechM from tier-1 IT. Cognizant (CTSH) posted revenue above its guided-band at USD 4.28bn, +0.8/3.8% QoQ/YoY (decelerated to +4.2% YoY CC vs. 5.1% YoY CC registered in 3Q). CY19 revenue stood at USD 16.78bn, 5.2% CC (includes 3.2% organic) and CTSH guided for 2-4% YoY CC (1-3% organic) after -110bps impact from the exit of certain content services business in CY20E. 1QCY20E revenue guidance stood at +2.8 to 3.5% YoY CC, which factors -60bps impact from content services.