(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion on Capgemini, with a price target raised from 223 to 230 euros, after an update of its valuation methods for the IT services group.
The research office points out that with the stock’s decline on Thursday, Capgemini’s underperformance since the start of the year has increased further (+4% against +14% for the Stoxx 600 Tech), ‘and this, even as the group demonstrates excellent execution’.
The analyst raises its organic growth forecast from 5.4 to 6.2%, which is partly offset by more negative currency effects, and notes that the stock only trades nine times in 2024 VE/EBIT , ‘despite good growth still expected this year’.
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