KeyBanc Cautious On EPAM's Future: Downgrades Shares And Trims Revenue Projections
Portfolio Pulse from Nabaparna Bhattacharya
KeyBanc Capital Market analyst Thomas Blakey downgraded EPAM Systems, Inc. (NYSE:EPAM) to Sector Weight from Overweight, citing pricing headwinds, increased caution in spending from clients, and lower pipeline conversions. KeyBanc reduced FY23 and FY24 revenue guidance for the company.
June 12, 2023 | 5:51 pm
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EPAM Systems downgraded by KeyBanc due to pricing headwinds, cautious client spending, and lower pipeline conversions, leading to reduced revenue guidance for FY23 and FY24.
The downgrade by KeyBanc is based on several factors that could negatively impact EPAM's stock price in the short term. These factors include pricing headwinds on existing deals, increased caution in spending from clients, and lower pipeline conversions. Additionally, KeyBanc has reduced its revenue guidance for the company for FY23 and FY24, which could further contribute to a decline in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100