Cognizant Technology (NASDAQ:CTSH) Ready to Rumble on Momentum, Secular Tailwinds

Cognizant Technology Solutions (NASDAQ:CTSH) looks like they're going to take off, based on strong secular tailwinds and business momentum.

UBS (NYSE:UBS) says, "Given CTSH’s continuing business momentum and share gains, coupled with powerful secular tailwinds in the offshore IT services market (our “multiplier effect” thesis), we maintain our Buy rating on CTSH, and are raising our estimates and price target. We wouldn’t be surprised by near-term volatility/profit-taking in CTSH after a big run and with expectations running relatively high ahead of February guidance, but we think favourable fundamentals will trump valuation this year, enabling shares to move higher during 2011."

UBS maintains a "Buy" rating on Cognizant Technology Solutions, which closed Friday at $75.09, down $0.42, or 0.56 percent. UBS raised their price target on Cognizant from $71 to $86.