Epam Systems downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Epam Systems (EPAM) to Neutral from Overweight with a price target of $170, down from $251. The firm cut estimates across its IT services coverage. Epam initiated fiscal 2025 targets in mid-February when the macro environment was positive, and spending intentions among enterprise tech was positive, the analyst tells investors in a research note. The firm believes the company’s Q1 results will likely be in-line, but sees greater risk for second half numbers. With shifting tariff policies, the recent 90-day extension and ongoing trade war with China, Piper expects enterprise tech spend to be less favorable than anticipated, and decision making for new project starts to slow.