Mayank Tandon, an analyst from Needham, reiterated the Buy rating on Epam Systems (EPAM – Research Report). The associated price target is $350.00.
Mayank Tandon’s Buy rating for Epam Systems is grounded in several key observations. Firstly, the company’s fourth-quarter financial results surpassed Wall Street’s expectations on revenue and earnings, indicating early signs of an upturn in demand. Additionally, after experiencing a period of decline, revenue growth has exhibited a positive shift, resuming a sequential increase, which suggests a gradual recovery in client spending.
Moreover, despite a mixed outlook for the first quarter and the full year, with recognition of an uneven demand environment and higher levels of investment, the projections are still for growth and improving margins as the year progresses. Tandon highlights the stock’s valuation, with Epam trading at an attractive forward price-to-earnings multiple, which, coupled with the anticipation of steady demand recovery and a return to historical revenue growth rates, underpins the Buy rating and increased price target.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $334.00 price target.
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Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EPAM in relation to earlier this year.
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Epam Systems (EPAM) Company Description:
EPAM Systems, Inc. engages in the provision of software product development and digital platform engineering services. The firm’s services include product research, customer experience design, and prototyping. It operates through the following segments: North America, Europe, and Russia. The company was founded by Leonid Lozner and Arkadiy Dobkin in 1993 and is headquartered in Newtown, PA.
Read More on EPAM:
- EPAM Reports Results for Fourth Quarter and Full Year 2023
- Epam Systems price target raised to $334 from $315 at JPMorgan
- EPAM Earnings this Week: How Will it Perform?
- Epam Systems price target raised to $301 from $288 at Stifel
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