HSBC analyst Phani Kanumuri initiated coverage of Epam Systems with a Hold rating and $255 price target. Epam is undergoing a major change in its delivery model as it was forced to accelerate employee diversification due to geopolitical tensions in its major delivery centers in 2022 and the long-term impact is currently uncertain, the analyst tells investors in a research note. The firm believes the company’s gross margins are likely to remain below peers and that its earnings momentum “looks weak in the short term.”
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