EPAM Systems (EPAM) PT Raised to $78 at Cantor Fitzgerald Following 4Q Report

Cantor Fitzgerald raised its price target on EPAM Systems (NYSE: EPAM) to $78.00 (from $68.00) while maintaining a Overweight rating. 4Q16 revenue was $313.5 mn, above the FactSet consensus of $311.4 mn. Adjusted EPS of $0.77 was above consensus of $0.79.

Analyst Joseph Foresi commented, "We maintain our Overweight rating on EPAM and raise our PT to $78 from $68. We believe the company is well-positioned at the heart of the Digital movement to address the outsourcing needs of the European market and to mine revenues from its current customer base. EPAM reported quarterly results above Street estimates and maintained strong growth of over 20%, as Digital continues to drive demand. Utilization was up from the prior period, when the metric declined as capacity was being built to meet anticipated demand. We believe the risk/reward is appealing at present levels given the valuation for Digital companies."

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