TD Cowen Upgrades EPAM Systems, Inc. (EPAM) from 'Buy' to 'Hold' Amid Improved Revenue Momentum

EPAM Systems, Inc. (NYSE:EPAM) is one of the 12 Best Stocks to Buy in Falling Markets According to Hedge Funds.

On August 18, 2025, TD Cowen upgraded EPAM Systems, Inc. (NYSE:EPAM) to ‘Buy’ from ‘Hold’ and increased its price target to $205, noting improved revenue momentum and the conclusion of post-Ukraine delivery restructuring. EPAM has now delivered three consecutive quarters of organic revenue acceleration, with Q3 growth likely to exceed 6% year on year, exceeding most large IT services peers. All regions and verticals are contributing, and headcount growth is expected to accelerate in H2.

With delivery operations stable, EPAM Systems, Inc. (NYSE:EPAM) is focusing on sales execution, client expansion, and margin improvement, with gross margins expected to recover to the low-30% range and EPS growth of around 13% per year from 2026-2027. TD Cowen believes EPAM’s risk-reward ratio is appealing in light of the sector’s weakness.

EPAM Systems, Inc. (NYSE:EPAM) offers global digital platform engineering, software development, cloud, artificial intelligence, and cybersecurity services across numerous industries. It is included in our list of the Best Bear Market Stocks.

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