BMO Capital analyst Keith Bachman downgraded Cognizant Technology Solutions to Market Perform from Outperform with a price target of $65, down from $73. The analyst believes 2023 will be a challenging year broadly in IT services and that attrition/fulfillment challenges have hurt bookings in fiscal 2023, further pressuring the company’s 2023 trajectory. “Given all the uncertainty especially with the macro, we are stepping to the sidelines at this juncture,” Bachman tells investors in a research note. He says that while the stock is inexpensive, he does not envision a near-term catalyst.
previous post