Epam Systems upgraded to Outperform at Scotiabank after Q3 beat

As previously reported, Scotiabank analyst Divya Goyal upgraded Epam Systems (EPAM) to Outperform from Sector Perform with a price target of $275, up from $245. Recently released Q3 results beat the firm’s and consensus estimates, driven by a better-than-expected demand environment further supported by R&D incentives from the Polish government, the analyst noted. While the global spending on discretionary engagements remains muted given sustained focus on cost containment, the firm believes Epam remains well-positioned given its robust digital engineering expertise, globally diversified geographic footprint, and long-standing client relationships, the analyst tells investors.