** Truist Securities initiates coverage of EPAM Systems EPAM.N with "hold"; sets PT at $220

** New PT is a 6.5% upside to stock's last close; EPAM up 1.6% at $209.94 in early trading

** Truist sees EPAM as an improving but in-transition IT services asset; adds while growth is still subdued, it is improving

** Says it is optimistic about EPAM's strategy and messaging, which appears to be resonating with customers

** "We launch with a Hold rating given the company’s pressured billing rate dynamics, and ongoing integration of recent large M&A" - Truist Securities

** Adds: "Continued progress toward scaling its GenAI business and proof points of successful integration of recent M&A could make us more constructive on the stock"

** 14 of 19 brokerages covering the stock recommend "buy" or higher, 5 "hold"; median PT is $215 - data compiled by LSEG

** EPAM fell 12.4% in 2025

(Reporting by Arnav Mishra in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))