Analysts are Downgrading These 5 Stocks

4. Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Number of Hedge Fund Holders: 36

Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) hit a new 52-week low of $51.33 on Thursday, November 3, following its mixed financial results for the third quarter.

The mixed performance compelled BMO Capital to cut its ratings for Cognizant Technology Solutions Corporation (NASDAQ:CTSH) from “Outperform” to “Perform.” Analyst Keith Bachman thinks 2023 will be a difficult year for the IT services market due to an uncertain macro environment.

Moreover, Bachman doesn’t see any near-term catalyst for Cognizant Technology Solutions Corporation (NASDAQ:CTSH). He also trimmed his price target for Cognizant from $73 per share to $65 per share.

The downgrade came a day after Cognizant Technology Solutions Corporation (NASDAQ:CTSH) posted revenue of $4.9 billion, up 2.4 percent on a year-over-year basis but below the consensus of $5.01 billion. On the bright side, the adjusted earnings of $1.17 per share surpassed estimates of $1.16 per share.

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