Epam Systems price target lowered to $230 from $252 at Piper Sandler

Piper Sandler lowered the firm’s price target on Epam Systems to $230 from $252 due to a lack of near-term catalysts and a continued soft demand environment, while keeping an Overweight rating on the shares. Having met with both EPAM’s CEO and CFO, the firm believes the company seems to have adequately reset FY24 targets, particularly on the lower end of the range. In the near term, Piper expects Epam to be range bound, adding that it thinks the company will need to deliver consistent beats/raises in order to regain investor confidence.