Cognizant price target raised to $73 from $70 at BofA

BofA raised the firm’s price target on Cognizant to $73 from $70 and keeps an Underperform rating on the shares. While Cognizant reported “solid” Q2 results and the firm was “encouraged” to see updated FY24 guidance that shows modest improvement in the midpoint of the revenue and adjusted EPS ranges, it remains cautious on Cognizant’s multi-year top-line trajectory, the analyst tells investors.