Why Goldman Suddenly Turned Neutral on EPAM Systems, Inc. (E…
Insider Monkey – Free Hedge Fund and Insider Trading Data (Rameen Kasana)EPAM Systems, Inc. (NYSE:EPAM) is among the best high-return technology stocks to buy now. On May 8, Goldman Sachs significantly cut the price target on EPAM Systems, Inc. (NYSE:EPAM) to $110 from $215 and downgraded the stock from Buy to Neutral. According to the firm, the company is experiencing stronger-than-expected pressures on discretionary spending, which are adversely impacting its custom applications segment and broader services business. The analyst further added that the continued lack of discretionary spending momentum among customers will possibly “pose headwinds for the foreseeable future.”
A day earlier, EPAM Systems, Inc. (NYSE:EPAM) delivered its Q1 results, outperforming EPS and revenue by $0.11 and $0.01 billion, respectively. The company’s revenue also increased 7.6% YoY. Despite this, the stock fell 3.71% in pre-market trading.
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EPAM Systems, Inc. (NYSE:EPAM) is a Pennsylvania-based provider of digital platform engineering and software development services. Founded in 1993, the company offers engineering, cloud, marketing, and cybersecurity services, among others.
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