Wedbush Starts EPAM Systems (EPAM) at Outperform
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Wedbush initiates coverage on EPAM Systems (NYSE: EPAM) with a Outperform rating and a price target of $82.00.
Analyst Moshe Katri commented, "We are initiating coverage on EPAM with an OUTPERFORM and $82 price target, as we believe consistently impressive results continue to be driven by the company's unique model, extensive SMAC-related expertise, mission-critical work and high relevance to clients. Accordingly, we believe EPAM is well positioned to generate 25-30% C/C YOY top- line growth during FY16 and FY17, while maintaining high-teens adjusted EBIT margins. EPAM's stock currently trades at 19.7X our projected FY17E adj. EPS."
Shares of EPAM Systems closed at $70.09 yesterday.
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