Epam Systems downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Epam Systems (EPAM) to Neutral from Buy with a price target of $110, down from $215. The firm believes Epam is seeing greater than expected headwinds in discretionary spending which are negatively impacting its custom applications and broader services business. The lack of discretionary traction among customers is likely to “pose headwinds for the foreseeable future,” the analyst tells investors in a research note.