Cognizant price target lowered to $82 from $93 at RBC Capital

RBC Capital lowered the firm’s price target on Cognizant (CTSH) to $82 from $93 and keeps a Sector Perform rating on the shares. The company reported another solid quarter with Q3 results exceeding the firm’s and the Street expectations across the board and management increasing its FY25 guidance, the analyst tells investors in a research note. RBC adds however that trailing-12-month bookings growth was 5% y/y as lumpiness in large deal signings resulted in a 6% y/y decline in quarterly bookings.