As previously reported, BofA/Merrill double downgraded Cognizant to Underperform from Buy and cut its price target to $81 from $91. Analyst Jason Kupferberg said headwinds could cause revenue growth to decelerate which could keep shares range-bound near-term. Kupferberg believes the company will have to make a decision when its transformation plan it adopted following Elliot Management's activism comes to an end in 2019. The analyst said the company can either continue to maximize annual margin expansion and return cash to shareholders, which will pressure revenues, or adopt a plan of slight margin expansion while investing in top-line growth, with potential M&A, but says the company has a limited amount of US cash. Kupferberg believes shares will remain range bound given 2019 margin trajectory and slower P&L.