Cognizant price target raised to $70 from $65 at Evercore ISI

Evercore ISI analyst David Togut raised the firm’s price target on Cognizant to $70 from $65 and keeps an In Line rating on the shares. February U.S. payment volume growth accelerated following a soft January, with commentary from Visa (V) pointing to quarter-to-date U.S. payment volume growth through February 21 in line with the Q4 rate of 5%, the analyst tells investors. Overall, calendar Q1 data points reflect a U.S. soft-landing scenario, supporting continued, stable payment volume growth, and creating a favorable set up for most of the payment companies the firm covers, the analyst added in a Q1 preview note for the payments, processors and IT services group.