<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/an-investor-pointing-to-trading-signals-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/an-investor-pointing-to-trading-signals-scaled.jpg"/></p>
<p>EPAM 系统公司（NYSE：EPAM）是全球数字工程和咨询服务领域的领导者，今年股价暴跌 32%。</p>
<p>这一显著下跌引起了分析师的关注，包括德意志银行，该行于 2024 年 8 月 22 日开始对该公司进行覆盖，给予持有评级，并设定了 204 美元的目标价，仅比当前股价 200.10 美元高出 2%。</p>
<p>这种谨慎的展望是由增长机会和重大运营阻力的混合因素驱动的，这些阻力是在东欧地缘政治动荡和影响公司成本结构和服务提供的交付策略转变之后出现的。</p>
<p>德意志银行的报告强调，EPAM 系统最初预计在 FY24 年会出现强劲的增长反弹，特别是随着公司将交付范围扩展到传统基地以外的乌克兰、白俄罗斯和俄罗斯。</p>
<p>然而，向印度等低成本地区的过渡带来了新的挑战。</p>
<p>分析师们对 IT 服务行业需求环境疲软以及这些转变对 EPAM 利润率的潜在负面影响表示担忧。</p>
<p>尽管德意志银行对 2025 年和 2026 年的展望表明会有复苏，但围绕这些变化的时间表和影响的不确定性导致了持有评级，表明投资者应保持谨慎。</p>
<h2>杰富瑞对 EPAM 有何看法？</h2>
<p>与德意志银行的谨慎展望相反，杰富瑞在 7 月将 EPAM 系统的评级上调至买入，称该公司在人工智能（AI）领域的强势定位是主要增长驱动因素。</p>
<p>杰富瑞将其目标价提高至 237 美元，认为 EPAM 有望充分利用生成式 AI 技术的采用，这可能在未来几年显著推动公司的有机增长。</p>
<p>然而，预计 AI 整合的好处不会在短期内显现，杰富瑞预计从 2025 年下半年或更晚开始 AI 将对收入产生实质性贡献。</p>
<h2>EPAM 第二季度财报</h2>
<p>EPAM 系统最近的第二季度财报进一步揭示了公司当前面临的挑战和前景。公司报告的年度收入同比下降 2%，总额为 115 亿美元，略高于分析师的预期。</p>
<p>然而，全年展望仍然谨慎，公司将预期收入范围缩小至 45.9 亿美元至 46.25 亿美元，与上一年相比略有下降。</p>
<p>第二季度的结果还显示了按照通用会计准则和非通用会计准则计算的营业收入下降，表明利润率受到运营挑战的影响，与德意志银行对运营挑战的担忧相一致。</p>
<p>从现金流角度看，尽管当前面临困境，EPAM 系统仍然是一家财务稳健的公司。截至 2024 年 6 月 30 日，公司保持着强劲的现金头寸，现金及等价物为 179 亿美元。</p>
<p>然而，这较 2023 年底下降了 12.3%，主要是由于资本支出和股票回购。</p>
<p>公司最近决定启动一个新的 5 亿美元股票回购计划，强调了其对股票长期价值的信心，即使在应对短期挑战的同时。</p>
<h2>EPAM 面临哪些阻力？</h2>
<p>EPAM 系统在寻求应对当前市场环境时既面临阻力又有助力。</p>
<p>积极方面是，公司于 2024 年 6 月战略收购了 Odysseus Data Services，预计将增强其在生命科学领域的能力，该领域已经显示出强劲的收入增长。</p>
<p>这一举措符合将人工智能和数据分析整合到医疗保健领域的更广泛趋势，为 EPAM 未来增长奠定基础。</p>
<p>然而，公司还在应对更广泛的宏观经济挑战，包括核心市场需求环境疲软以及来自正在进行的交付策略转变的进一步干扰的潜力。</p>
<p>在估值方面，EPAM 系统的前瞻市盈率为 19.5 倍，看起来是合理定价的。股价接近德意志银行的 204 美元目标和杰富瑞更乐观的 237 美元目标。</p>
<p>然而，不确定的收入展望和利润率压力表明短期内上涨空间有限。</p>
<p>公司能够产生强劲的现金流并保持健康的资产负债表提供了一定的支撑，但市场可能会在看到需求持续复苏和战略举措成功执行的更清晰证据之前保持谨慎。</p>
<p>考虑到这些基本因素，探究股价走势如何反映当前市场情绪至关重要。</p>
<p>让我们将注意力转向技术分析，看看图表是否提供了 EPAM 系统未来可能走向的任何线索。</p>
<h2>EPAM 技术分析：牛市和熊市的关键水平</h2>
<p>自 2021 年底以来，EPAM 股票经历了持续的下跌趋势，当时股价曾一度超过 700 美元的历史高位。今年 6 月，股价在 170 美元左右找到支撑，这对于看涨者来说是一个令人振奋的迹象，尽管这并没有改变总体下降趋势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/EPAM_2024-08-22_18-19-26-1024x555.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/EPAM_2024-08-22_18-19-26-1024x555.png"/></p>
<p>来源：TradingView</p>
<p>目前，股价正在处于一个下降三角形模式中，这通常被视为一个熊市信号。如果股价跌破 170 美元附近的关键支撑水平，可能会引发更为剧烈的下跌，可能导致股价大幅下跌。</p>
<p>对于那些对 EPAM 的长期前景持乐观态度并考虑以当前价格买入的投资者来说，保持在 168 美元左右的严格止损非常关键，以减轻如果下跌趋势持续而造成的潜在损失。</p>
<p>另一方面，对该股持续看跌的交易员可能会在股价上涨至 200 美元以上时考虑开立新的空头头寸，设定止损价略高于最近的 223 美元的波动高点。如果看跌趋势持续，该股很可能会重新测试 170 美元的支撑水平，为获利提供机会。</p>
<p>这篇文章讨论了 EPAM 系统股票在今年下跌 32% 后是否值得买入，首发于 Invezz。</p>

EPAM系统

<p>EPAM 系统（NYSE：EPAM）的股价今年迄今已下跌 32％，引发了德意志银行的分析，他们给予了持有评级和一个适度的价格目标。相反，杰富瑞将该股票评级上调为买入，原因是其在人工智能领域的强势定位。EPAM 最近的第二季度报告显示，营收下降了 2％，面临着利润压力，同时现金储备有所增加。公司面临着需求疲软和运营转变的挑战，但通过新的股票回购计划和战略收购，EPAM 保持乐观，旨在增强未来增长</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/an-investor-pointing-to-trading-signals-scaled.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/07/an-investor-pointing-to-trading-signals-scaled.jpg"/></p>
<p>EPAM Systems Inc. (NYSE: EPAM), a global leader in digital engineering and consulting services, has had a tough year, with its stock plummeting 32% year-to-date.</p>
<div class="lb-trans"><p>EPAM 系统公司（NYSE：EPAM）是全球数字工程和咨询服务领域的领导者，今年股价暴跌 32%。</p>
</div><p>This significant decline has drawn the attention of analysts, including Deutsche Bank, which initiated coverage of the company on August 22, 2024, with a Hold rating and a price target of $204, reflecting a modest potential upside of only 2% from its current trading price of $200.10.</p>
<div class="lb-trans"><p>这一显著下跌引起了分析师的关注，包括德意志银行，该行于 2024 年 8 月 22 日开始对该公司进行覆盖，给予持有评级，并设定了 204 美元的目标价，仅比当前股价 200.10 美元高出 2%。</p>
</div><p>This cautious outlook is driven by a mix of growth opportunities and significant operational headwinds that have emerged in the wake of the geopolitical unrest in Eastern Europe and a shifting delivery strategy that has impacted the company’s cost structure and service offerings.</p>
<div class="lb-trans"><p>这种谨慎的展望是由增长机会和重大运营阻力的混合因素驱动的，这些阻力是在东欧地缘政治动荡和影响公司成本结构和服务提供的交付策略转变之后出现的。</p>
</div><p>Deutsche Bank’s note highlights that EPAM Systems had initially anticipated a strong growth rebound in FY24, particularly as the company expanded its delivery footprint beyond its traditional base in Ukraine, Belarus, and Russia.</p>
<div class="lb-trans"><p>德意志银行的报告强调，EPAM 系统最初预计在 FY24 年会出现强劲的增长反弹，特别是随着公司将交付范围扩展到传统基地以外的乌克兰、白俄罗斯和俄罗斯。</p>
</div><p>However, the transition towards lower-cost regions like India has introduced new challenges.</p>
<div class="lb-trans"><p>然而，向印度等低成本地区的过渡带来了新的挑战。</p>
</div><p>The analysts expressed concerns about the weaker demand environment in the IT services sector and the potential negative impact of these shifts on EPAM’s margins.</p>
<div class="lb-trans"><p>分析师们对 IT 服务行业需求环境疲软以及这些转变对 EPAM 利润率的潜在负面影响表示担忧。</p>
</div><p>While Deutsche Bank’s outlook for 2025 and 2026 suggests a recovery, the uncertainty surrounding the timeline and impact of these changes led to a Hold rating, indicating that investors should remain cautious.</p>
<div class="lb-trans"><p>尽管德意志银行对 2025 年和 2026 年的展望表明会有复苏，但围绕这些变化的时间表和影响的不确定性导致了持有评级，表明投资者应保持谨慎。</p>
</div><h2>What does Jefferies say about EPAM?</h2>
<div class="lb-trans"><h2>杰富瑞对 EPAM 有何看法？</h2>
</div><p>In contrast to Deutsche Bank’s cautious outlook, Jefferies upgraded EPAM Systems to a Buy rating in July, citing the company’s strong positioning in artificial intelligence (AI) as a key growth driver.</p>
<div class="lb-trans"><p>与德意志银行的谨慎展望相反，杰富瑞在 7 月将 EPAM 系统的评级上调至买入，称该公司在人工智能（AI）领域的强势定位是主要增长驱动因素。</p>
</div><p>Jefferies raised its price target to $237, driven by the belief that EPAM is well-positioned to capitalize on the adoption of generative AI technologies, which could significantly boost the company’s organic growth over the next few years.</p>
<div class="lb-trans"><p>杰富瑞将其目标价提高至 237 美元，认为 EPAM 有望充分利用生成式 AI 技术的采用，这可能在未来几年显著推动公司的有机增长。</p>
</div><p>However, the benefits of AI integration are not expected to materialize in the near term, with Jefferies projecting meaningful revenue contributions from AI only starting in the second half of 2025 or later.</p>
<div class="lb-trans"><p>然而，预计 AI 整合的好处不会在短期内显现，杰富瑞预计从 2025 年下半年或更晚开始 AI 将对收入产生实质性贡献。</p>
</div><h2>EPAM Q2 earnings report</h2>
<div class="lb-trans"><h2>EPAM 第二季度财报</h2>
</div><p>EPAM Systems’ recent Q2 earnings report provides further insights into the company’s current challenges and prospects. The company reported a revenue decline of 2% year-over-year, totaling $1.15 billion, slightly beating analyst expectations.</p>
<div class="lb-trans"><p>EPAM 系统最近的第二季度财报进一步揭示了公司当前面临的挑战和前景。公司报告的年度收入同比下降 2%，总额为 115 亿美元，略高于分析师的预期。</p>
</div><p>However, the outlook for the full year remains cautious, with the company narrowing its expected revenue range to $4.59 billion to $4.625 billion, reflecting a modest decline from the previous year.</p>
<div class="lb-trans"><p>然而，全年展望仍然谨慎，公司将预期收入范围缩小至 45.9 亿美元至 46.25 亿美元，与上一年相比略有下降。</p>
</div><p>The Q2 results also revealed a drop in both GAAP and non-GAAP income from operations, indicating margin pressures that align with Deutsche Bank’s concerns about operational challenges.</p>
<div class="lb-trans"><p>第二季度的结果还显示了按照通用会计准则和非通用会计准则计算的营业收入下降，表明利润率受到运营挑战的影响，与德意志银行对运营挑战的担忧相一致。</p>
</div><p>From a cash flow perspective, EPAM Systems remains a financially solid company, despite the current headwinds. The company has maintained a strong cash position, with $1.79 billion in cash and equivalents as of June 30, 2024.</p>
<div class="lb-trans"><p>从现金流角度看，尽管当前面临困境，EPAM 系统仍然是一家财务稳健的公司。截至 2024 年 6 月 30 日，公司保持着强劲的现金头寸，现金及等价物为 179 亿美元。</p>
</div><p>However, this represents a 12.3% decrease from the end of 2023, largely due to capital expenditures and share repurchases.</p>
<div class="lb-trans"><p>然而，这较 2023 年底下降了 12.3%，主要是由于资本支出和股票回购。</p>
</div><p>The company’s recent decision to initiate a new $500 million share repurchase program underscores its confidence in the long-term value of its stock, even as it navigates near-term challenges.</p>
<div class="lb-trans"><p>公司最近决定启动一个新的 5 亿美元股票回购计划，强调了其对股票长期价值的信心，即使在应对短期挑战的同时。</p>
</div><h2>What headwinds does EPAM face?</h2>
<div class="lb-trans"><h2>EPAM 面临哪些阻力？</h2>
</div><p>EPAM Systems faces both headwinds and tailwinds as it looks to navigate the current market environment.</p>
<div class="lb-trans"><p>EPAM 系统在寻求应对当前市场环境时既面临阻力又有助力。</p>
</div><p>On the positive side, the company’s strategic acquisition of Odysseus Data Services in June 2024 is expected to enhance its capabilities in the life sciences sector, which has already shown strong revenue growth.</p>
<div class="lb-trans"><p>积极方面是，公司于 2024 年 6 月战略收购了 Odysseus Data Services，预计将增强其在生命科学领域的能力，该领域已经显示出强劲的收入增长。</p>
</div><p>This move aligns with the broader trend of integrating AI and data analytics into healthcare, positioning EPAM for future growth.</p>
<div class="lb-trans"><p>这一举措符合将人工智能和数据分析整合到医疗保健领域的更广泛趋势，为 EPAM 未来增长奠定基础。</p>
</div><p>However, the company is also grappling with broader macroeconomic challenges, including a sluggish demand environment in its core markets and the potential for further disruptions from its ongoing shift in delivery strategy.</p>
<div class="lb-trans"><p>然而，公司还在应对更广泛的宏观经济挑战，包括核心市场需求环境疲软以及来自正在进行的交付策略转变的进一步干扰的潜力。</p>
</div><p>In terms of valuation, EPAM Systems appears to be fairly priced at a forward price-to-earnings multiple of 19.5x. The stock is trading close to Deutsche Bank’s target of $204 and Jefferies’ more optimistic target of $237.</p>
<div class="lb-trans"><p>在估值方面，EPAM 系统的前瞻市盈率为 19.5 倍，看起来是合理定价的。股价接近德意志银行的 204 美元目标和杰富瑞更乐观的 237 美元目标。</p>
</div><p>However, the uncertain revenue outlook and margin pressures suggest limited upside in the near term.</p>
<div class="lb-trans"><p>然而，不确定的收入展望和利润率压力表明短期内上涨空间有限。</p>
</div><p>The company’s ability to generate strong cash flows and maintain a healthy balance sheet provides some cushion, but the market is likely to remain cautious until there is clearer evidence of a sustained recovery in demand and successful execution of its strategic initiatives.</p>
<div class="lb-trans"><p>公司能够产生强劲的现金流并保持健康的资产负债表提供了一定的支撑，但市场可能会在看到需求持续复苏和战略举措成功执行的更清晰证据之前保持谨慎。</p>
</div><p>With these fundamental factors in mind, it’s essential to explore how the stock’s price action reflects the current market sentiment.</p>
<div class="lb-trans"><p>考虑到这些基本因素，探究股价走势如何反映当前市场情绪至关重要。</p>
</div><p>Let’s turn our attention to technical analysis to see if the charts offer any clues about where EPAM Systems might be headed next.</p>
<div class="lb-trans"><p>让我们将注意力转向技术分析，看看图表是否提供了 EPAM 系统未来可能走向的任何线索。</p>
</div><h2>EPAM technical analysis: Key levels for bulls and bears</h2>
<div class="lb-trans"><h2>EPAM 技术分析：牛市和熊市的关键水平</h2>
</div><p>EPAM’s stock has experienced a prolonged downtrend since late 2021, when it reached an all-time high above $700. This year, in June, the stock found support near its 2022 lows around $170—a hopeful sign for bulls, though it doesn’t change the overall downward trend.</p>
<div class="lb-trans"><p>自 2021 年底以来，EPAM 股票经历了持续的下跌趋势，当时股价曾一度超过 700 美元的历史高位。今年 6 月，股价在 170 美元左右找到支撑，这对于看涨者来说是一个令人振奋的迹象，尽管这并没有改变总体下降趋势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/EPAM_2024-08-22_18-19-26-1024x555.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/EPAM_2024-08-22_18-19-26-1024x555.png"/></p>
<p>Source: TradingView</p>
<p>At present, the stock is navigating a descending triangle pattern, which is typically seen as a bearish signal. If the stock breaks below the critical support level near $170, it could trigger a sharper decline, potentially leading to significantly lower price levels.</p>
<div class="lb-trans"><p>来源：TradingView</p>
<p>目前，股价正在处于一个下降三角形模式中，这通常被视为一个熊市信号。如果股价跌破 170 美元附近的关键支撑水平，可能会引发更为剧烈的下跌，可能导致股价大幅下跌。</p>
</div><p>For investors who are optimistic about EPAM’s long-term prospects and considering a buy at current prices, it’s crucial to maintain a tight stop loss around $168 to mitigate potential losses if the downtrend continues.</p>
<div class="lb-trans"><p>对于那些对 EPAM 的长期前景持乐观态度并考虑以当前价格买入的投资者来说，保持在 168 美元左右的严格止损非常关键，以减轻如果下跌趋势持续而造成的潜在损失。</p>
</div><p>On the other hand, traders who remain bearish on the stock might look to initiate new short positions if the price rises above $200, setting a stop loss just above the recent swing highs at $223. Should the bearish trend persist, the stock is likely to retest the $170 support level, providing an opportunity to book profits.</p>
<div class="lb-trans"><p>另一方面，对该股持续看跌的交易员可能会在股价上涨至 200 美元以上时考虑开立新的空头头寸，设定止损价略高于最近的 223 美元的波动高点。如果看跌趋势持续，该股很可能会重新测试 170 美元的支撑水平，为获利提供机会。</p>
</div><p>The post Is EPAM Systems stock a buy after plunging 32% year to date? appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章讨论了 EPAM 系统股票在今年下跌 32% 后是否值得买入，首发于 Invezz。</p>
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EPAM 系统的股票在年初至今下跌 32% 后是否值得买入？