Cognizant price target raised to $81 from $77 at RBC Capital

RBC Capital raised the firm’s price target on Cognizant to $81 from $77 and keeps a Sector Perform rating on the shares. The company reported strong Q2 results, beating consensus estimates on both the top and bottom lines, while bookings increased 5% y/y in the quarter, the analyst tells investors in a research note. Cognizant management also increased the midpoints of its FY24 guidance, and the firm attributes the upside to Cognizant taking market share in the industry as the macro conditions remain pressured, the firm added.