As reported earlier, BMO Capital analyst Keith Bachman downgraded Cognizant to Market Perform from Outperform and lowered his price target to $74 from $82, saying the company's growth rates continue to underperform the industry. The analyst notes that Cognizant's efforts to optimize revenue growth and operating margins are not successful, recommending that the management should try to "gradually grow margins, while optimizing revenues". Instead, Bachman contends that the company's target of 22% for 2019 margins will have "negative revenue consequences".