The lower price target comes after the IT provider reported its 2015 fourth quarter earnings results after yesterday's market close.
The Teaneck, NJ-based company indicated that most of its clients' IT budgets are now finalized, Jefferies noted.
"Over the past month or two, CTSH has witnessed some pause in discretionary projects at certain clients in the banking vertical, due to macro uncertainty. As a result, we believe CTSH has risk-adjusted its 2016 guidance to account for this dynamic," the firm said in an analyst note.
Cognizant cited a robust pipeline of large healthcare deals, but has made conservative assumptions in its 2016 guidance for when those deals could close and how soon they will ramp into revenue, Jefferies added.
The company's stock is declining by 2.83% to $52.52 late Tuesday afternoon.
Separately, TheStreet Ratings Team has a "buy" rating with a score of B+ on the stock.
This is driven by a few notable strengths, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered by the team.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, increase in net income and good cash flow from operations.
The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CTSHCTSH data by YCharts