EPAM Systems (EPAM) PT Boosted at Needham & Company Following Meetings

July 11, 2013 9:14 AM EDT
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Price: $66.99 --0%

Rating Summary:
    16 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

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Needham & Company analyst Mayank Tandon reiterated a Buy rating and raised his price target on EPAM Systems (NYSE: EPAM) from $28 to $33 following a CEO meeting which increases his convenience.

"We hosted EPAM's President & CEO, Arkadiy Dobkin, for meetings in Minneapolis. We came away from the meetings confident that EPAM's differentiated capabilities can help drive above-trend growth and estimate upgrades over the next 12-18 months," Tandon notes. "While we are leaving our estimates unchanged, we are raising our target price to $33 from $27, which reflects a 17.5x P/E on CY14 EPS estimate of $1.89 (up from 15x previously), which still assumes what we believe is a relatively conservative multiple for a secular 20%+ grower."

For an analyst ratings summary and ratings history on EPAM Systems click here. For more ratings news on EPAM Systems click here.

Shares of EPAM Systems closed at $28.41 yesterday.

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