UPDATE: Citigroup Initiates Buy, $19 PT on EPAM Systems

Citigroup initiates its coverage on EPAM Systems (NYSE: EPAM) with a Buy rating and a price target of $19 as a major play on Eastern European markets.

Citigroup notes, "We are initiating coverage on EPAM Systems with a Buy rating and a 12- month target price of $19, which implies ~15% total return from current levels. EPAM is an IT services provider that has established itself as a major East European vendor in the outsourced software development and application testing market, which represents about 86% of its total revenues."

EPAM closed at $16.80 a share on Friday.

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