Shares of EPAM Systems Inc. bounced 8.5% in afternoon trading Tuesday, after Stifel Nicolaus analyst David Grossman said he was still bullish on the provider of digital transformation services company, as the record selloff in the wake of Russia’s invasion of Ukraine may have created a buying opportunity. The stock had plunged 45.7% on Monday, and has now plummeted 46.1% in the four days since the full invasion started last Thursday (418.23), while the S&P 500 has gained 2.0% over the past four sessions. “While we acknowledge ongoing uncertainty/risk, EPAM is a bellwether at the high-end of the technology stack, the heart of digital transformation, and we have high confidence they can pivot and resume industry leading growth once things stabilize,” Grossman wrote in a note to clients. He reiterated the buy rating he’s had on the stock for at least the past three years. He slashed his stock price target to $385 from $630, but his new target still implies 70.8% upside from current levels.
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