The bank upgraded shares of the information technology and consulting firm to buy from neutral, accompanied by a raise in price target to $80 from $72. Analyst Ashwin Shirvaikar noted that while the stock has done well this year, it remains attractive. CTSH YTD mountain CTSH YTD chart Shirvaikar thinks Cognizant's growth outlook seems promising for the year ahead as the company's bookings momentum grows. The firm's emphasis on greater management outreach, employee engagement and cost competitiveness have all contributed to Cognizant's abilities to accelerate the rate of its deal bookings. Meanwhile, the analyst noted that Cognizant seems well-equipped to offset the margin pressure that often comes with large deal bookings momentum.

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Persons: Ashwin Shirvaikar, Cognizant, Shirvaikar, Ravi Kumar S, — CNBC's Michael Bloom Organizations: Citi, Cognizant, Infosys Locations: 3Q23