EPAM Systems Shares Up 5% Following Q3 Beat

EPAM Systems, Inc. (NYSE:EPAM) shares closed more than 5% higher on Thursday, following the company’s reported Q3 results, with revenues increasing 51.6% year-over-year to $988.5 million. Quarterly EPS came in at $2.42, beating the Street estimate of $2.22.

The company provided its Q4 outlook, expecting revenues in the range of $1.075 billion to $1.085 billion, reflecting a year-over-year growth rate of approximately 49%.

Analysts at Wedbush raised their price target on the company’s shares from $650 to $800, as they believe a combination of pipeline strength, as well as increased funding for digital work, will likely result in upside to the consensus’ 2022 estimates.