Bernstein Downgrades Cognizant Technology Solutions (CTSH) to Market Perform

Bernstein analyst Harshita Rawat downgraded Cognizant Technology Solutions (NASDAQ: CTSH) from Outperform to Market Perform with a price target of $60.00.

The analyst comments "We are downgrading CTSH to MP. Our prior OP rating for CTSH in 2020 was based on our view on evidence of turnaround in 2H20 (e.g., through rev growth acceleration) as the new CEO, Brian, appears to be taking the right steps to reposition CTSH towards growth. There are indeed some early signs of sales momentum coming back under the new leadership – as was evident in the 1Q signings. Unfortunately, the COVID-19 crisis couldn't come at a worse time for the company – and we believe it delays the CTSH turnaround journey at least till 2021."

For an analyst ratings summary and ratings history on Cognizant Technology Solutions click here. For more ratings news on Cognizant Technology Solutions click here.

Shares of Cognizant Technology Solutions closed at $58.76 yesterday.

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