UPDATE: Credit Suisse Upgrades Cognizant Technology Solutions to Outperform; Gaining Share

Credit Suisse assumed coverage on Cognizant Technology Solutions CTSH and raised its rating from Neutral to Outperform while increasing its price target from $75 to $85. Credit Suisse noted, "We upgraded CTSH to Outperform from Neutral and raised our target price to $85 from $75, or ~17.5 times our 2014 EPS estimate of $4.79. Cognizant is the fastest-growing Tier-1 provider of global IT services, trading operating margin expansion (reinvesting in the business) for outsized top-line growth. We think that the company is well positioned to continue taking share from its competitors." Cognizant Technology Solutions closed at $64.29 on Wednesday.