Cognizant Technology Solutions (CTSH) PT Lowered to $87 at Cowen

Cowen lowered its price target on Cognizant Technology Solutions (NASDAQ: CTSH) to $87.00 (from $88.00) while maintaining an Outperform rating.

Analyst Bryan Bergin commented, "Efforts to actively remix its business toward higher-value engagements are necessary for long-term business/shareholder value, but present near-term challenges for shares. CTSH's performing well on its op margin strategy, and at ~15x FY19 we think there is favorable risk-reward, but acknowledge shares are likely to remain range bound lacking visible catalysts ahead of needed 3Q execution."

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