UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Cognizant Technology Solutions Corp. on CY2013 Guidance

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Cognizant Technology Solutions Corp.

, and slightly raised its price target from $84.00 to $85.00. BMO Capital Markets noted, “CTSH reported a roughly in-line Dec Q, with weaker-than-expected Mar 2013 Q guidance. That said, CY2013 guidance of 16% y/y organic rev growth was consistent with our thinking heading into the call. We believe that CTSH has increased emphasis on being conservative relative to last year. We think that better performance in financial services, Horizon II offerings, and better traction for outsourcing in Europe will help CTSH to maintain its strong revenue growth in CY13. Also, we think the potential for CTSH's completing more IP-based acquisitions is positive for CTSH longer-term and hence the stock.” Cognizant Technology Solutions Corp. closed on Thursday at $78.51.