A specific cover letter targeted to the company is much better than a generic one. You can have common paragraphs in all of your cover letters, but I would reco

A specific cover letter targeted to the company is much better than a generic one. You can have common paragraphs in all of your cover letters, but I would recommend sections that particularly target the needs of the company you're applying to. For example, if they say in their job description that using technology FOO is a bonus, mention that project you did with technology FOO and why you were really excited about it. Otherwise, you lump yourself in with every other person out there. You need to make yourself stand out without lying or going over the top. If you can make it clear that you are really interested in THEM and not just the job, that's a positive from the employer's perspective.