Epam Systems price target raised to $198 from $180 at TD Cowen

TD Cowen raised the firm’s price target on Epam Systems (EPAM) to $198 from $180 and keeps a Hold rating on the shares after the company posted a “solid” Q1 compared to plan and gave an “encouraging” Q2 outlook that would mark a continuation of the organic growth recovery. Holding its second half view largely unchanged is “appropriately prudent considering macro volatility and the need to keep Street expectations well managed,” says the analyst, who adds that the setup seems “notably improved in an extremely challenging Services backdrop.”