Cognizant Technology Solutions (CTSH) PT Raised to $70 at Needham & Company

Needham & Company raised its price target on Cognizant Technology Solutions (NASDAQ: CTSH) to $70.00 (from $65.00) while maintaining a Buy rating following a solid start to 2017.

Analyst Mayank Tandon notes guidance for Q2 was in-line and management left guidance for FY17 intact, reflecting a stable but healthy demand outlook.

The analyst notes core financial services and healthcare verticals are starting to see improved conversion rates in their pipelines, which could potentially put CTSH near or even above the upper end of management’s 8-10% Y/ Y growth outlook for FY17.

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