Wedbush lowered the firm’s price target on Cognizant (CTSH) to $56 from $61 and keeps a Neutral rating on the shares. The firm notes the company reported its Q1 results featuring its top-line coming in-line with Street expectations, while seeing a bottom-line beat with Q2 guidance coming in relatively light as the company continues to navigate an increasingly complex macro backdrop bringing greater concerns around the comeback in discretionary spending with clients remaining cautious about making large investments in this backdrop.
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