Needham & Company analyst Mayank Tandon reiterated a Buy rating and raised the price target on Cognizant Technology Solutions (NASDAQ: CTSH) to $78.00 (from $76.00) following robust Q2 results and increased guidance.

Tandon commented, "Cognizant reported robust 2Q results, beating expectations comfortably on revenue and earnings, and finishing up with a strong 1H performance. The overall demand outlook for Cognizant remains upbeat despite the $100MM loss of incremental revenue associated with Health Net (announced in early July). Broad-based strength across verticals and geographies and on-track synergies from the TriZetto acquisition give us confidence in CTSH's positive outlook. Management raised revenue and EPS guidance for FY15 and we believe there may be room for further upside to estimates. We are reiterating our BUY rating and raising our target to $78."

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Shares of Cognizant Technology Solutions closed at $67.34 yesterday.