Analyst Mayank Tandon of Needham reiterated a Buy rating on Epam Systems, retaining the price target of $215.00.
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Mayank Tandon has given his Buy rating due to a combination of factors including EPAM Systems’ strong performance in the second quarter, which surpassed expectations with a notable year-over-year organic growth of 5.3%. This growth was fueled by increased demand across various sectors and regions, showcasing the company’s robust sales execution and ability to generate organic momentum.
Furthermore, the positive outlook for the third quarter, particularly with improved demand in Asia and stable growth in North America and Europe, reinforces confidence in EPAM’s trajectory. The company has also raised its full-year FY25 outlook above consensus estimates, which is particularly promising amidst the current macroeconomic uncertainties and challenges in the IT services sector. These factors, along with successful M&A synergies, underpin Tandon’s decision to maintain a Buy rating and a price target of $215.
Tandon covers the Technology sector, focusing on stocks such as Agilysys, Genpact, and Par Technology. According to TipRanks, Tandon has an average return of -2.0% and a 41.73% success rate on recommended stocks.
In another report released today, Mizuho Securities also reiterated a Buy rating on the stock with a $224.00 price target.