Cognizant price target raised to $80 from $75 at Barclays

Barclays raised the firm’s price target on Cognizant to $80 from $75 and keeps an Equal Weight rating on the shares as part of a Q2 preview. While expectations across IT services “appear much better calibrated,” many readthrough indicators point to continued softness in discretionary spend, the analyst tells investors in a research note. The firm says that despite a few positive recent signals, it has yet to see consistent evidence of a near-term bounce-back in demand.