Needham & Company analyst Mayank Tandon reiterated a Buy rating and raised the price target on EPAM Systems (NYSE: EPAM) to $80.00 (from $75.00) following solid results and higher guidance.

Tandon commented, "EPAM delivered strong 2Q results, beating comfortably on revenue and matching Street EPS estimates. Management provided 3Q guidance that was above expectations and raised the full year outlook. With its focus on emerging technologies, we believe EPAM is positioned in the sweet spot of the "digitization" trend and the company should be able to continue to outpace the IT services market growth. We are raising our FY15 and FY16 revenue estimates and see room for more upside as EPAM captures a larger share of the IT budget dollars at current clients and adds new logos. We continue to like the risk-reward at 20x (ex-cash) our FY16 EPS estimate of $3.21 for a LT 20-25% organic revenue grower with stable operating margins. We reiterate our BUY rating and raise our target to $80."

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Shares of EPAM Systems closed at $70.14 yesterday.