Epam Systems downgraded to Market Perform from Outperform at Cowen

Cowen analyst Bryan Bergin downgraded Epam Systems to Market Perform from Outperform with a price target of $370, down from $390. The company’s execution "remains top tier," but it is facing multiple growth and margin "pressure points," including client risk mitigation issues and a more challenging macro environment, which make the share upside case harder to foresee, the analyst tells investors in a research note. The firm believes Epam’s implied valuation "is not de-risked" and awaits for the uncertainty to dissipate to support a more favorable risk/reward.