Epam Systems upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Epam Systems (EPAM) to Buy from Hold with a price target of $205, up from $192. The shares at current levels reflect little to no credit for the company’s recovering growth trajectory and completion of its global delivery reorganization, the analyst tells investors in a research note. The firm says that while services sector investor sentiment is poor, Epam’s accelerating organic growth, trough profitability, capital allocation, and “discounted” valuation create an attractive 2-to-1 risk/reward skew.