These Analysts Increase Their Forecasts On EPAM Systems After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
EPAM Systems, Inc. (NYSE:EPAM) reported a 6.0% year-on-year decline in Q4 FY23 sales to $1.16 billion, surpassing analyst estimates. Adjusted EPS was $2.75, beating the consensus of $2.50. The company provided strong Q1 revenue guidance and expects 2024 revenue growth of 1% - 4%. Following the report, EPAM shares rose 7.8% to $300.01. Analysts from Piper Sandler and Needham raised their price targets on EPAM, maintaining Overweight and Buy ratings respectively.
February 15, 2024 | 7:04 pm
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EPAM Systems reported better-than-expected Q4 FY23 results, with a sales decline of 6.0% to $1.16 billion and an adjusted EPS of $2.75. The company also provided strong revenue guidance for Q1 and expects 2024 revenue growth of 1% - 4%. Following the earnings report, EPAM shares increased by 7.8% to $300.01. Analysts from Piper Sandler and Needham raised their price targets on EPAM.
The positive earnings report and upbeat revenue guidance for Q1 and 2024, combined with the increase in price targets by analysts, are likely to have a positive short-term impact on EPAM's stock price. The significant share price increase following the announcement further supports this outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100