UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Cognizant Technology Solutions

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on Cognizant Technology Solutions

, and raised its price target from $70.00 to $73.00. Piper Jaffray noted, “We are updating our estimates for the Q3 report. Our FY12E revenue and GAAP EPS estimates are increased from $7.343B and $3.38 to $7.349B and $3.43, respectively. Our PT is increased from $70 (19x NTM GAAP EPS) to $73, reflecting 19x NTM GAAP EPS of $3.84 (19x is CTSH's average NTM EPS multiple over the LTM).” Cognizant Technology Solutions closed on Wednesday at $65.51.