Cognizant price target raised to $66 from $64 at BofA

BofA analyst Jason Kupferberg raised the firm’s price target on Cognizant to $66 from $64 and keeps an Underperform rating on the shares ahead of the company’s Q4 report due after-hours on February 6. While the firm views Q4 estimates as “safe” given management’s ongoing conservatism, investor focus will largely be on initial 2024 guidance and demand commentary and the firm thinks the risk/reward is “skewed modestly to the downside” given the recent move in shares, what it sees as the potential risk to Q1 revenue guid and and a likely deceleration in bookings growth, the analyst tells investors.