Goldman Sachs Slashes EPAM Target 50% to $110. EPAM: Beat Earnings. GS: Still Wrong.

Goldman Sachs analyst James Schneider did what Goldman does best: swing a wrecking ball at a stock for the "right" reasons at exactly the wrong time. On May 8, 2026, he downgraded EPAM Systems from Buy and slashed the price target from $215 to $110 — a gut-punch 48.84% cut — citing "stronger-than-expected headwinds" in discretionary spending affecting custom applications and services. Sound analysis? Sure. Except EPAM reported Q1 earnings the same week with EPS of $2.86 (beating the $2.75 forecast) and revenue of $1.4B (beating $1.39B). The stock, apparently unimpressed by both the downgrade *and* the beat, cratered to a 52-week low of $95.28 — below even Goldmans newly cautious $110 target. In the meantime, models value EPAM at $264.50, suggesting its 62% undervalued at current prices. Maybe the discretionary spending headwind is just... a temporary cloud?