Wedbush initiates Cognizant with a Neutral, $61 price target

As previously reported, Wedbush initiated coverage of Cognizant (CTSH) with a Neutral rating and $61 price target IT Services remain integral to cloud computing initiatives and the usage of AI technologies with many organizations serving as key enablers of the next stage of operational advancement and digital transformation, Wedbush notes. While spending on IT projects has increased incrementally, it has fluctuated meaningfully since the pandemic, but the firm believes discretionary projects will start to slowly recover as more global enterprises pursuing an AI-driven strategy turn to third parties with significant knowledge on AI deployments.