BofA analyst Jason Kupferberg lowered the firm’s price target on Cognizant to $55 from $59 and keeps an Underperform rating on the shares. While Q1 "seems largely safe" and the firm believes Cognizant has generally rectified last year’s fulfillment issues, BofA is cautious ahead of the Q1 report due on May 3 and is lowering its FY23 and FY24 estimates below the Street consensus, adding that it thinks the macro backdrop could weigh on shares for "some period of time." Given that Cognizant entered 2023 with "limited bookings momentum," the firm sees risk to 2023 guidance.
Published first on TheFly
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