Wedbush analyst Moshe Katri downgraded Cognizant to Neutral from Outperform and lowered its price target to $70 from $80 following the company's Q1 results. Additionally, shares were removed from the firm's Best Ideas List. In a research note to investors, Katri says the downgrade reflects the Q1 miss, as well as the company's new CEO's decision to essentially walk away from the company's financial targets that were provided to the Street back in November 2018, during Cognizant's first ever investor event. This, combined with ongoing plans to restructure and disrupt internal processes such as aligning the sales effort/the company's cost structure, combined with likely management changes, potentially creates near-term transitional challenges, while also shattering investor confidence.