Morgan Stanley downgraded Epam Systems to Underweight from Equal Weight with a price target of $250, up from $235. The analyst says more pricing pressure, slower budget growth and lower venture capital investment will likely make a return to Epam’s previous growth rates difficult. A return to pre-pandemic growth rates is unlikely, the analyst tells investors in a research note. The firm believes Epam “figures remain elevated against a challenged macroeconomic backdrop,” particularly as it has yet to see signs of an inflection across digital engineering IT budgets.
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