<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 系統公司（NYSE：EPAM）是全球數字工程和諮詢服務領域的領導者，今年股價暴跌 32%。</p>
<p>這一顯著下跌引起了分析師的關注，包括德意志銀行，該行於 2024 年 8 月 22 日開始對該公司進行覆蓋，給予持有評級，並設定了 204 美元的目標價，僅比當前股價 200.10 美元高出 2%。</p>
<p>這種謹慎的展望是由增長機會和重大運營阻力的混合因素驅動的，這些阻力是在東歐地緣政治動盪和影響公司成本結構和服務提供的交付策略轉變之後出現的。</p>
<p>德意志銀行的報告強調，EPAM 系統最初預計在 FY24 年會出現強勁的增長反彈，特別是隨着公司將交付範圍擴展到傳統基地以外的烏克蘭、白俄羅斯和俄羅斯。</p>
<p>然而，向印度等低成本地區的過渡帶來了新的挑戰。</p>
<p>分析師們對 IT 服務行業需求環境疲軟以及這些轉變對 EPAM 利潤率的潛在負面影響表示擔憂。</p>
<p>儘管德意志銀行對 2025 年和 2026 年的展望表明會有復甦，但圍繞這些變化的時間表和影響的不確定性導致了持有評級，表明投資者應保持謹慎。</p>
<h2>傑富瑞對 EPAM 有何看法？</h2>
<p>與德意志銀行的謹慎展望相反，傑富瑞在 7 月將 EPAM 系統的評級上調至買入，稱該公司在人工智能（AI）領域的強勢定位是主要增長驅動因素。</p>
<p>傑富瑞將其目標價提高至 237 美元，認為 EPAM 有望充分利用生成式 AI 技術的採用，這可能在未來幾年顯著推動公司的有機增長。</p>
<p>然而，預計 AI 整合的好處不會在短期內顯現，傑富瑞預計從 2025 年下半年或更晚開始 AI 將對收入產生實質性貢獻。</p>
<h2>EPAM 第二季度財報</h2>
<p>EPAM 系統最近的第二季度財報進一步揭示了公司當前面臨的挑戰和前景。公司報告的年度收入同比下降 2%，總額為 115 億美元，略高於分析師的預期。</p>
<p>然而，全年展望仍然謹慎，公司將預期收入範圍縮小至 45.9 億美元至 46.25 億美元，與上一年相比略有下降。</p>
<p>第二季度的結果還顯示了按照通用會計準則和非通用會計準則計算的營業收入下降，表明利潤率受到運營挑戰的影響，與德意志銀行對運營挑戰的擔憂相一致。</p>
<p>從現金流角度看，儘管當前面臨困境，EPAM 系統仍然是一家財務穩健的公司。截至 2024 年 6 月 30 日，公司保持着強勁的現金頭寸，現金及等價物為 179 億美元。</p>
<p>然而，這較 2023 年底下降了 12.3%，主要是由於資本支出和股票回購。</p>
<p>公司最近決定啓動一個新的 5 億美元股票回購計劃，強調了其對股票長期價值的信心，即使在應對短期挑戰的同時。</p>
<h2>EPAM 面臨哪些阻力？</h2>
<p>EPAM 系統在尋求應對當前市場環境時既面臨阻力又有助力。</p>
<p>積極方面是，公司於 2024 年 6 月戰略收購了 Odysseus Data Services，預計將增強其在生命科學領域的能力，該領域已經顯示出強勁的收入增長。</p>
<p>這一舉措符合將人工智能和數據分析整合到醫療保健領域的更廣泛趨勢，為 EPAM 未來增長奠定基礎。</p>
<p>然而，公司還在應對更廣泛的宏觀經濟挑戰，包括核心市場需求環境疲軟以及來自正在進行的交付策略轉變的進一步干擾的潛力。</p>
<p>在估值方面，EPAM 系統的前瞻市盈率為 19.5 倍，看起來是合理定價的。股價接近德意志銀行的 204 美元目標和傑富瑞更樂觀的 237 美元目標。</p>
<p>然而，不確定的收入展望和利潤率壓力錶明短期內上漲空間有限。</p>
<p>公司能夠產生強勁的現金流並保持健康的資產負債表提供了一定的支撐，但市場可能會在看到需求持續復甦和戰略舉措成功執行的更清晰證據之前保持謹慎。</p>
<p>考慮到這些基本因素，探究股價走勢如何反映當前市場情緒至關重要。</p>
<p>讓我們將注意力轉向技術分析，看看圖表是否提供了 EPAM 系統未來可能走向的任何線索。</p>
<h2>EPAM 技術分析：牛市和熊市的關鍵水平</h2>
<p>自 2021 年底以來，EPAM 股票經歷了持續的下跌趨勢，當時股價曾一度超過 700 美元的歷史高位。今年 6 月，股價在 170 美元左右找到支撐，這對於看漲者來説是一個令人振奮的跡象，儘管這並沒有改變總體下降趨勢。</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>來源：TradingView</p>
<p>目前，股價正在處於一個下降三角形模式中，這通常被視為一個熊市信號。如果股價跌破 170 美元附近的關鍵支撐水平，可能會引發更為劇烈的下跌，可能導致股價大幅下跌。</p>
<p>對於那些對 EPAM 的長期前景持樂觀態度並考慮以當前價格買入的投資者來説，保持在 168 美元左右的嚴格止損非常關鍵，以減輕如果下跌趨勢持續而造成的潛在損失。</p>
<p>另一方面，對該股持續看跌的交易員可能會在股價上漲至 200 美元以上時考慮開立新的空頭頭寸，設定止損價略高於最近的 223 美元的波動高點。如果看跌趨勢持續，該股很可能會重新測試 170 美元的支撐水平，為獲利提供機會。</p>
<p>這篇文章討論了 EPAM 系統股票在今年下跌 32% 後是否值得買入，首發於 Invezz。</p>

EPAM系統

<p>EPAM 系統（NYSE：EPAM）的股價今年迄今已下跌 32％，引發了德意志銀行的分析，他們給予了持有評級和一個適度的價格目標。相反，傑富瑞將該股票評級上調為買入，原因是其在人工智能領域的強勢定位。EPAM 最近的第二季度報告顯示，營收下降了 2％，面臨着利潤壓力，同時現金儲備有所增加。公司面臨着需求疲軟和運營轉變的挑戰，但通過新的股票回購計劃和戰略收購，EPAM 保持樂觀，旨在增強未來增長</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 系統公司（NYSE：EPAM）是全球數字工程和諮詢服務領域的領導者，今年股價暴跌 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>這一顯著下跌引起了分析師的關注，包括德意志銀行，該行於 2024 年 8 月 22 日開始對該公司進行覆蓋，給予持有評級，並設定了 204 美元的目標價，僅比當前股價 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>這種謹慎的展望是由增長機會和重大運營阻力的混合因素驅動的，這些阻力是在東歐地緣政治動盪和影響公司成本結構和服務提供的交付策略轉變之後出現的。</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>德意志銀行的報告強調，EPAM 系統最初預計在 FY24 年會出現強勁的增長反彈，特別是隨着公司將交付範圍擴展到傳統基地以外的烏克蘭、白俄羅斯和俄羅斯。</p>
</div><p>However, the transition towards lower-cost regions like India has introduced new challenges.</p>
<div class="lb-trans"><p>然而，向印度等低成本地區的過渡帶來了新的挑戰。</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>分析師們對 IT 服務行業需求環境疲軟以及這些轉變對 EPAM 利潤率的潛在負面影響表示擔憂。</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>儘管德意志銀行對 2025 年和 2026 年的展望表明會有復甦，但圍繞這些變化的時間表和影響的不確定性導致了持有評級，表明投資者應保持謹慎。</p>
</div><h2>What does Jefferies say about EPAM?</h2>
<div class="lb-trans"><h2>傑富瑞對 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>與德意志銀行的謹慎展望相反，傑富瑞在 7 月將 EPAM 系統的評級上調至買入，稱該公司在人工智能（AI）領域的強勢定位是主要增長驅動因素。</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>傑富瑞將其目標價提高至 237 美元，認為 EPAM 有望充分利用生成式 AI 技術的採用，這可能在未來幾年顯著推動公司的有機增長。</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，預計 AI 整合的好處不會在短期內顯現，傑富瑞預計從 2025 年下半年或更晚開始 AI 將對收入產生實質性貢獻。</p>
</div><h2>EPAM Q2 earnings report</h2>
<div class="lb-trans"><h2>EPAM 第二季度財報</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 系統最近的第二季度財報進一步揭示了公司當前面臨的挑戰和前景。公司報告的年度收入同比下降 2%，總額為 115 億美元，略高於分析師的預期。</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，全年展望仍然謹慎，公司將預期收入範圍縮小至 45.9 億美元至 46.25 億美元，與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>第二季度的結果還顯示了按照通用會計準則和非通用會計準則計算的營業收入下降，表明利潤率受到運營挑戰的影響，與德意志銀行對運營挑戰的擔憂相一致。</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>從現金流角度看，儘管當前面臨困境，EPAM 系統仍然是一家財務穩健的公司。截至 2024 年 6 月 30 日，公司保持着強勁的現金頭寸，現金及等價物為 179 億美元。</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，這較 2023 年底下降了 12.3%，主要是由於資本支出和股票回購。</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>公司最近決定啓動一個新的 5 億美元股票回購計劃，強調了其對股票長期價值的信心，即使在應對短期挑戰的同時。</p>
</div><h2>What headwinds does EPAM face?</h2>
<div class="lb-trans"><h2>EPAM 面臨哪些阻力？</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 系統在尋求應對當前市場環境時既面臨阻力又有助力。</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>積極方面是，公司於 2024 年 6 月戰略收購了 Odysseus Data Services，預計將增強其在生命科學領域的能力，該領域已經顯示出強勁的收入增長。</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>這一舉措符合將人工智能和數據分析整合到醫療保健領域的更廣泛趨勢，為 EPAM 未來增長奠定基礎。</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，公司還在應對更廣泛的宏觀經濟挑戰，包括核心市場需求環境疲軟以及來自正在進行的交付策略轉變的進一步干擾的潛力。</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 系統的前瞻市盈率為 19.5 倍，看起來是合理定價的。股價接近德意志銀行的 204 美元目標和傑富瑞更樂觀的 237 美元目標。</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，不確定的收入展望和利潤率壓力錶明短期內上漲空間有限。</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>公司能夠產生強勁的現金流並保持健康的資產負債表提供了一定的支撐，但市場可能會在看到需求持續復甦和戰略舉措成功執行的更清晰證據之前保持謹慎。</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>考慮到這些基本因素，探究股價走勢如何反映當前市場情緒至關重要。</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>讓我們將注意力轉向技術分析，看看圖表是否提供了 EPAM 系統未來可能走向的任何線索。</p>
</div><h2>EPAM technical analysis: Key levels for bulls and bears</h2>
<div class="lb-trans"><h2>EPAM 技術分析：牛市和熊市的關鍵水平</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 年底以來，EPAM 股票經歷了持續的下跌趨勢，當時股價曾一度超過 700 美元的歷史高位。今年 6 月，股價在 170 美元左右找到支撐，這對於看漲者來説是一個令人振奮的跡象，儘管這並沒有改變總體下降趨勢。</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>來源：TradingView</p>
<p>目前，股價正在處於一個下降三角形模式中，這通常被視為一個熊市信號。如果股價跌破 170 美元附近的關鍵支撐水平，可能會引發更為劇烈的下跌，可能導致股價大幅下跌。</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>對於那些對 EPAM 的長期前景持樂觀態度並考慮以當前價格買入的投資者來説，保持在 168 美元左右的嚴格止損非常關鍵，以減輕如果下跌趨勢持續而造成的潛在損失。</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，對該股持續看跌的交易員可能會在股價上漲至 200 美元以上時考慮開立新的空頭頭寸，設定止損價略高於最近的 223 美元的波動高點。如果看跌趨勢持續，該股很可能會重新測試 170 美元的支撐水平，為獲利提供機會。</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>這篇文章討論了 EPAM 系統股票在今年下跌 32% 後是否值得買入，首發於 Invezz。</p>
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EPAM 系統的股票在年初至今下跌 32% 後是否值得買入？