BMO Capital analyst Keith Bachman lowered the firm’s price target on Cognizant (CTSH) to $85 from $94 and keeps a Market Perform rating on the shares. The company delivered a solid quarter amid low expectations given the lackluster quarterly results and demand commentary from services competitors, the analyst tells investors in a research note. Cognizant performance was highlighted by strength in Financial Services and Healthcare, though the firm’s reduced price target reflects a weakening services environment, BMO added.
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