Jefferies upgraded Epam Systems to Buy from Hold with a price target of $237, up from $202. The analyst believes Epam is well-positioned to capitalize on artificial intelligence, saying the company operates on the “leading edge of technological change and has a reputation for executing complex systems engineering projects.” This subject-matter expertise, as well as the company’s strong engineering talent, will make it one of the top beneficiaries of generative AI, the analyst tells investors in a research note. The firm expects generative AI to contribute an incremental 500-1,000 basis points to annual organic growth for the company 3-5 years from now when AI implementations have overcome “the current last mile problem and become more mainstream.”
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