Cognizant downgraded to Underperform from Neutral at BofA

BofA analyst Jason Kupferberg downgraded Cognizant to Underperform from Neutral with a $57 price target. Cognizant’s top-line growth has lagged key comps for some time, and the economic backdrop is likely to weigh on the company, Kupferberg tells investors in a research note. According to the analyst, medium-term top-line guidance seems "aggressive," and while more significant improvements in employee attrition should be a positive step towards addressing demand fulfillment issues, multiple expansion will be challenging, leading shares to lag peers.