Piper Jaffray Reiterates OW Rating On CTSH

Piper Jaffray has issued a report reiterating the Overweight Rating on Cognizant Technology CTSH. According to the report, "While Q2 & FY11 guidance did not measure up to historical expectations, we anticipate non-US growth to re-accelerate in 2H11 and Cognizant share gains to continue through 2011, regaining investor confidence. We reiterate our Overweight rating and raise our price target to $89 (from $84)." CTSH closed at $77.52 a share yesterday.