Analysts at Sanford C. Bernstein started coverage on U.S. IT services with an "outperform" rating on Accenture PLC and a "market-perform" rating on Cognizant Technology Solutions Corp.

The analysts also initiated coverage on U.S. Payments.

"We are bullish on IT services and forecast that the market will grow at least in line with GDP over the next several years," the analysts said in a March 27 note, adding that they believe cloud is positive for IT services spend at least over the next three to five years.

The research firm set a $180 price target on Accenture and an $85 price target on Cognizant.