EPAM Systems: Strong Q3 Performance and AI Initiatives Drive Buy RatingWe are encouraged by management’s organic growth outlook, particularly given the changing economic environment since initial 2025 guidance was given. The updated full-year guidance range for organic constant-currency growth of 3.6% to 5.6% should be well received by investors, as momentum implies continued, strong positive organic growth, positioning the company well for margin recovery in 2026 and beyond. Inaddition, management’s initial tone on 2026 was positive on both revenue growth and margins.