Cognizant remains undervalued with strong growth and buybacks, rated 'Buy' at $80 target.

Cognizant is trading below 10 times its price-to-earnings ratio despite showing resilient fundamentals and positive operating leverage. The company reported strong Q2 2026 results with organic revenue growth, margin expansion, robust share buybacks, and guidance for double-digit EPS growth. The analyst maintains a 'Buy' rating with a conservative $80 price target, highlighting significant upside potential even with modest earnings growth. Key risks include AI-related demand shifts and reliance on offshore labor, but the current valuation offers a compelling risk/reward balance.