Truist lowered the firm’s price target on Epam Systems (EPAM) to $112 from $146 and keeps a Hold rating on the shares. The company reported a solid Q1 with top-line, adjusted EBIT and adjusted EPS coming in ahead of consensus expectations, the analyst tells investors in a research note. Epam notes however that the demand environment is softening due to geopolitical conflict, particularly among travel and retail clients, and a pushing out of discretionary projects.
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