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See the best of Reuters photography. See more | Photo caption Arafat's Legacy A look at the life and legacy of Palestinian leader Yasser Arafat. Slideshow Space odysseys From the scientists on the ground to stunning views from space, a look at man's continuing exploration into the final frontier. Slideshow Berenberg cuts Cognizant, VMware to hold Tweet Share this Email Print Related Topics Tech » Fri Jul 6, 2012 6:10am EDT (Reuters) - Sales at global IT companies are likely to come under pressure, hurt by slowing spending and weakening European demand, Berenberg said, downgrading Cognizant Technology Solutions Corp and VMware Inc. Europe is contracting, growth in the United States has slowed and the Japanese recovery seems to have stalled, analysts led by Daud Khan wrote in a note to clients. "While we do not expect a blood bath (in the sector) in Q2, the prospects for guidance downgrades for the full year are likely," said the analysts, cutting their rating on both stocks by a notch to "hold." Berenberg also cut its price target on Cognizant to $55 from $83 and on VMware to $90.0 from $112.5. Cognizant shares had closed at $60.22 on the Nasdaq on Thursday, while VMware ended the day at $90.21 on the New York Stock Exchange. Last month, J.P. Morgan Securities lowered its outlook for growth in IT spending in 2012, amid rising macroeconomic uncertainties in Europe and the United States. Europe's sovereign debt crisis has shaken investor and consumer confidence, forcing major technology companies such as Cisco Systems Inc and Dell Inc to scale back expectations for IT spending there. However, Berenberg upgraded engineering software maker Aveva Group Plc and enterprise software company Sage Group Plc to "buy" from "hold," saying potential acquisitions are likely to boost revenue. Aveva shares were up more than 3 percent at 1,750 pence on the London Stock Exchange by 5.30 a.m. EDT. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Sreejiraj Eluvangal) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. 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