Needham & Company Starts EPAM Systems (EPAM) at Buy

April 10, 2013 7:24 AM EDT Send to a Friend
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Price: $50.49 --0%

Rating Summary:
    6 Buy, 1 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company initiates coverage on EPAM Systems (NYSE: EPAM) with a Buy. PT $28.00.

"We believe EPAM's focus on delivering complex software product development, strong domain and vertical expertise, and delivery capabilities in Central and Eastern Europe (CEE) are key differentiators in the global IT services market," analyst Mayank Tandon states. "We believe EPAM is well positioned to continue to outpace industry growth (EPAM has grown revenue at a 31% CAGR over the past 6 years, 2-3x faster than the industry), while supporting gross and operating margins in line with its peer group. With the stock trading at 11x ex-cash our CY14 EPS estimate, almost a 20% discount to its peers, we believe the EPAM growth story remains underappreciated. We are establishing a 12 month target of $28, for about 22% appreciation potential. We see EPAM as a good fit for small cap growth portfolios."

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 $22.87 yesterday.


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