JPMorgan analysts upgraded shares of Cognizant (NASDAQ:CTSH) to Neutral from underweight in a note Tuesday, raising the price target to $77 from $72 per share.

The analysts told investors they have lifted the stock as the expectations bar seems low enough against progress on the CEO’s priorities.

“Recent large deal momentum coupled with a reasonably conservative outlook established at BOY, creates a better risk/reward profile than our prior thesis considered,” wrote analysts.

The “new CEO appears to be making progress on all three priorities (large deals, employee satisfaction, and operational discipline), and if execution stays sharp, should help close the growth gap, and eventually the valuation gap vs. peers,” the analysts added.

Despite the upgrade, JPMorgan still leans cautious on the company’s mid-term margins.