In a study of analyst recommendations at the major brokerages, for the underlying components of the S&P 500, Cognizant Technology Solutions Corp. (CTSH - Get Report) has taken over the #8 spot from Delta Air Lines, Inc. (DAL), according to ETF Channel. Below is a chart of Cognizant Technology Solutions Corp. versus Delta Air Lines, Inc. plotting their respective rank within the S&P 500 over time (CTSH plotted in blue; DAL plotted in green):

In forming the rank, the analyst opinions from the major brokerage houses were tallied, and averaged; then, the underlying components were ranked according to those averages. Investors often interpret analyst opinions from different angles — a popular analyst pick could mean that many sharp minds individually came to the same bullish conclusion, and therefore the stock should do well... but it could also mean that if the company makes any slight stumble, that would come as a negative surprise and cause a downward impact on the stock.

The Current Top 25 Broker Analyst Picks of the S&P 500 »

From the other direction, when companies have a low rank among analysts, it isn't necessarily the case that investors should conclude that the stock will perform poorly. It can mean that of course, but: a bullish investor who can make a case for a positive future catalyst could also take the contrarian angle and recognize that there is lots of room for upside since the stock is presently so out of favor.

For these reasons, we at ETF Channel find value to putting together these rankings, because both the top and the bottom ends of the lists can often make for some interesting stock picking ideas for further research.

15 Forgotten Giants of the S&P 500: Analysts' Current Least Favorites »

Below is a three month price history chart comparing the stock performance of CTSH vs. DAL:

CTSH,DAL Relative Performance Chart

According to the ETF Finder at ETF Channel, CTSH and DAL collectively make up 3.30% of the PowerShares Russell Top 200 Pure Growth Portfolio ETF (PXLG) which is trading lower by about 2.8% on the day Friday.

CTSH is currently trading off about 2.2%, while DAL is off about 1.9% midday Friday.