Cognizant downgraded to Underperform from Market Perform at MoffettNathanson

MoffettNathanson analyst Lisa Ellis downgraded Cognizant to Underperform from Market Perform with a price target of $60, down from $70. The firm’s most recent CIO survey, which was released two weeks ago, pointed toward continued strong demand for IT Services in 2023, said Ellis, who is "increasingly convinced that we are amid a once-in-a-generation step-up in the ‘IT intensity’ of corporations" driven by the Digitization trends. However, the "rising tide only floats some boats," Ellis contends.