UPDATE: Stifel Reiterates Buy Rating, Raises PT on EPAM Systems Following Formal Model Update

In a report published Monday, Stifel analyst David Grossman reiterated a Buy rating on

, and raised the price target from $38.00 to $42.00. In the report, Stifel noted, “EPAM will report 3Q EPS on Thursday, November 7, after the close and hold a call the following morning (Friday November 8) at 8am ET (Dial-in TBA). On October 9th, the company pre-announced the 3Q results (outperformance) and increased guidance for the year in conjunction with the announcement that CFO Ilya Cantor would be leaving the company. Cantor will be leaving after the 3Q report for another opportunity with a private company. Anthony Conte, EPAM's current VP of Finance and compliance officer, was named as Cantor's successor. Conte has been with the company for over six years, is well known to us and a logical replacement, in our view.” EPAM Systems closed on Friday at $38.38.