Jefferies analyst Surinder Thind downgraded Epam Systems to Hold from Buy with a price target of $110, down from $130. The firm maintains a cautious stance on the IT services group, citing a challenging demand environment that it believes has more downside risk than upside in the near term. Clients slowed decision-making this quarter due to increased geopolitical uncertainty and further advances in AI capabilities, the analyst tells investors in a research note. Jefferies downgraded both Epam Systems and Grid Dynamics, saying the progress in AI-led coding \"shows no signs of slowing down.\"
