Epam Systems initiated with a Hold at Deutsche Bank

Deutsche Bank analyst Bryan Keane initiated coverage of Epam Systems with a Hold rating and $204 price target. Epam was a major beneficiary of the digital transformation process that accelerated during the pandemic as companies responded to serve customers digitally and manage workforces remotely, the analyst tells investors in a research note. The firm noted that downside risks include a slowdown in the IT Services spend environment, increases in competition for digital IT talent, loss of a large client contract, macroeconomic risk, and volatility in exchange rates.