Cognizant price target raised to $70 from $66 at BofA

BofA analyst Jason Kupferberg raised the firm’s price target on Cognizant to $70 from $66 but keeps an Underperform rating on the shares. The stock should trade lower after the company’s “uninspiring” FY24 revenue outlook, and while Cognizant’s FY24 guide may have some conservatism under the new CFO, top-line is more important for the multiple, the analyst tells investors in a research note.