Needham & Company raised its price target on Cognizant Technology Solutions (NASDAQ: CTSH) to $78.00 (from $72.00) while maintaining a Buy rating following "solid" Q2 results.

Analyst Mayank Tandon commented, "CTSH posted solid 2Q results, beating consensus on revenue, margins, and earnings. Growth in the quarter was broad with all the key segments showing positive trends. Based on a healthy end market demand picture and increasing success in the digital arena, management tightened the revenue outlook higher for the full year. We are increasing our FY17 estimates based on the upside results and higher guidance and flowing some of the incremental strength into our FY18 outlook as well. We continue to believe management’s focus on driving shareholder value through accelerating the shift to higher growth digital services and solutions, streamlining the business to improve operating margins, and capital allocation initiatives are positive for the shares for long-term focused investors."