Wolfe downgrades Epam to Peer Perform on rebound timing questions

Wolfe Research analyst Darrin Peller downgraded Epam Systems to Peer Perform from Outperform without a price target. The analyst says persistent macro headwinds and client caution, along with Epam’s mix shift to India, create questions on the timing of a rebound and the company’s go-forward growth potential. The firm sees the shares as range bound pending signs of an inflection in client demand.