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. Read-throughs from peers point to continued softness in IT spend as an uncertain macro backdrop remains, the analyst tells investors in a research note. However, the firm is beginning to see signs of optimism for IT spend to reaccelerate next year. While Q4 estimates are likely attainable, Americas payments, processors and IT services investors have already shifted focus to fiscal 2024, says Barclays.