Epam Systems price target lowered to $236 from $250 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Epam Systems to $236 from $250 and keeps an Underweight rating on the shares. The firm, which trimmed its 2024 and 2025 estimates, thinks Epam is unlikely to meet investor expectations for a steep growth ramp in 2024 and 2025, citing what it sees as a lack of improving demand environment, even with AI, modestly rising insourcing, and low venture capital investment levels.