Cognizant upgraded to Buy from Neutral at Guggenheim

Guggenheim analyst Jonathan Lee upgraded Cognizant (CTSH) to Buy from Neutral with a $90 price target The firm says its checks in the channel signaled strength driven by new wins for Cognizant and strength outside of North America. The analyst now expects Cognizant to raise the midpoint of its revenue growth outlook to up 4.5% to 6.0% year-over-year in constant currency from 3.5% to 6.0%. Guggenheim cites valuation and proof points of improved execution for the upgrade.