-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：EPAM公布第一季度销售额为14亿美元（同比增长8%），超出市场预期（13.94亿美元）。有机增长率为3.7%，低于第四季度的5.6%和第三季度的7.1%，但高于2025年第一季度的1.4%。增长主要由金融服务（+12%）和软件及高科技（+11%）业务带动，而商业信息及媒体业务（-0.7%）表现不佳。非GAAP每股收益为2.86美元（同比增长19%），高于预期（2.75美元），这得益于营业利润率同比增长80个基点（至14.3%）以及3.24亿美元的股票回购。令人失望的是，管理层将2026年营收预期从之前的6.0%下调至5.25%的中值（有机增长率为3.75%，此前为4.5%），但由于盈利能力改善和流通股数量减少，每股收益预期从12.59美元上调至13.13美元的中值。尽管较低的销售额预期可能会加剧空头对人工智能竞争的担忧，但我们认为此次下滑更多与宏观经济不确定性的上升有关，并且我们对持续的效率提升感到鼓舞。固定价格合同持续增长（占销售额的21.7%，同比增长260个基点），为利润率超额完成创造了机会。
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