UPDATE: Bank of America Reiterates Buy Rating, Lowers PT on Cognizant Technology Solutions Corp. on Continued Legislative Overhang

In a report published Wednesday, Bank of America analyst Sara Gubins reiterated a Buy rating on Cognizant Technology Solutions Corp. CTSH, but lowered the price target from $90.00 to $77.00. In the report, Bank of America noted, “Immigration reform risk has driven CTSH shares down 13% YTD. It is still early in the legislative process. Uncertainty should continue at least into the Fall, in our view. We believe a sizeable portion of the risk is built into the stock, and fundamentals are strong. We are, however, lowering our PO from $90 to $77, or 16x 2014E EPS, to reflect the continued overhang. Our target multiple is in line with the current 16x multiple of 2013E EPS and a discount to the 19x five-year median P/E.” Cognizant Technology Solutions Corp. closed on Tuesday at $64.05.