NEW YORK (TheStreet) -- Shares of Cognizant Technology Solutions  (CTSH)  were rising in late-afternoon trading on Thursday as the Teaneck, NJ-based company is slated to report financial results for the 2016 third quarter before Monday's market open.

Analysts surveyed by FactSet are looking for adjusted earnings of 84 cents per share on revenue of $3.45 billion. 

For the year-ago period, Cognizant posted adjusted earnings of 76 cents per share and had $3.19 billion in revenue. 

KeyBanc said in a recent analyst note that it expects Cognizant to report "upbeat" earnings for the 2016 third quarter, TheFly reports. 

The firm has an "overweight" rating and $67 price target on shares of the IT, consulting and business process services provider. 

Cognizant can boost investor confidence by elaborating on the impact from possible Foreign Corrupt Practices Act violations and company president Gordon Coburn's "abrupt departure," KeyBanc added. 

Earlier this month, Cognizant disclosed in an SEC filing that it's conducting an internal investigation into whether payments to India facilities violated the Foreign Corrupt Practices Act. It also announced that Coburn resigned on Sept. 27 and that Cognizant's CEO of IT Services Rajeev Mehta was appointed to succeed Coburn.

Despite this, the set-up is positive for Cognizant's third quarter results, KeyBanc said, according to TheFly.

Separately, 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.

The team rates Cognizant as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: CTSH

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