UPDATE: Goldman Sachs Upgrades Cognizant Technology Solutions to Neutral on Risk/Reward

Goldman Sachs upgraded Cognizant Technology Solutions Corporation CTSH from Sell to Neutral and raised the price target from $60.00 to $72.00. Goldman Sachs commented, "We are upgrading CTSH to Neutral from Sell. In our downgrade in June of this year, we had highlighted CTSH's exposure to financial services (40.7% of 2012E revenue) as a key concern headed into the back half of the year. Though the company's exposure remains high, spending from these clients proved more resilient then we had forecasted, putting us on the wrong side of the call. With management's milestones set for 2013 roughly in line with our/consensus expectations, we see limited acceleration potential but the downside to estimates from here also seems less likely given a stable backdrop." Cognizant Technology Solutions closed at $74.50 on Tuesday.