EPAM Systems (EPAM) PT Raised to $460 at Needham & Company

Needham & Company analyst Mayank Tandon raised the price target on EPAM Systems (NYSE: EPAM) to $460.00 (from $400.00) while maintaining a Buy rating.

The analyst commented, "EPAM reported strong 4Q results, beating estimates on both the top and bottom line as demand continued to strengthen as the Global 2000 work to streamline their digital transformation initiatives. Given the strong finish to FY20 and upbeat 2021 outlook, we believe that the pandemic resulted in only a modest speed bump to growth, and we fully expect a return to 20%+ organic constant currency growth by 2Q21. Despite the shares trading near their all-time highs, we believe the risk-reward is favorable given the improving demand backdrop, EPAM's deep domain expertise in high-growth areas such as BFSI and software/high-tech, and the upside potential to Street estimates. We are reiterating our BUY rating and raising our targe to $460 for the leading pure-play digital services provider."

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