EPAM Systems, Inc (NYSE:EPAM) reported upbeat fourth-quarter financial results and issued strong first-quarter revenue guidance.

EPAM Systems reported a fourth-quarter FY23 sales decline of 6.0% year-on-year to $1.16 billion, beating the analyst consensus estimate of $1.14 billion. Adjusted EPS of $2.75 beat the consensus of $2.50, according to data from Benzinga Pro.

For the first quarter, EPAM expects revenues of $1.155 billion-$1.165 billion, against the consensus of $1.15 billion, and an adjusted EPS of $2.26 – $2.34 versus an estimated $2.39. The company EPAM expects 2024 revenue growth of 1% – 4% or $4.74 billion – $4.88 billion versus an estimate of $4.86 billion. It projects 2024 adjusted EPS of $10.00 – $10.40 with an estimated $10.56.

EPAM shares gained 7.8% to trade at $300.01 on Thursday.

These analysts made changes to their price targets on EPAM after the company reported quarterly results.

• Piper Sandler boosted the price target on EPAM from $339 to $369. Piper Sandler analyst Arvind Ramnani maintained an Overweight rating.
• Needham increased the price target on EPAM from $295 to $350. Needham analyst Mayank Tandon maintained a Buy rating.

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