Stifel raised the firm’s price target on Epam Systems to $301 from $288 and keeps a Buy rating on the shares. While end-market demand remains muted, increasing confidence in the economic outlook should accelerate backlog realization in 2024, the analyst tells investors. The firm does not view the company’s upcoming Q4 earnings as a catalyst, but views Epam as a best-in-class asset with potential upward estimate revisions and further multiple expansion.
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