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Fly News Breaks for December 5, 2017
EPAM, LXFT
Dec 5, 2017 | 05:34 EDT
KeyBanc analyst Arvind Ramnani upgraded Luxoft Holding (LXFT) to Overweight with a $66 price target. The analyst expects the company's top-two customer concentration to fall from 35% today to the mid-20% range in the next 12-18 months. With customer concentration abating amid "robust growth" at non-top two accounts, and with shares trading at a "significant valuation discount" to Epam Systems (EPAM), Luxoft is attractive, Ramnani tells investors in a research note.
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