UPDATE: J.P. Morgan Maintains Overweight on Cognizant

J.P. Morgan is out with its report today on Cognizant (NASDAQ: CTSH), maintaining Overweight.

In its report, J.P. Morgan writes, "We are cautious near term, but maintain our longer term OW given our expectation for CTSH to remain the premium grower in the IT Services sector. Our CY12 end price target of $92 implies 22% upside and represents 1.0x PEG on medium term growth expectations."

At the time of posting, shares of CTSH were trading pre-market at $74.95, down 0.95% from Friday's close.