Citi ups Epam Systems target, opens ‘negative catalyst watch’

Citi raised the firm’s price target on Epam Systems to $240 from $220 and keeps a Neutral rating on the shares. The analyst also opened a “30-day negative catalyst watch” on the shares. Despite Epam’s lowered outlook update in early June, there remains potential downside risk to its 2023 outlook, the analyst tells investors in a research note. Citi’s modeled Q3 revenue outlook is below consensus and if right, implies a high probability that the midpoint of the company’s full-year outlook range is lowered. It believes the stock could see a negative reaction to another lowering of the outlook.