Oddo BHF maintains its neutral rating on Capgemini shares, with an unchanged price target of 211 euros.

Based on our discussions with the company and its main peers, we understand that org. Q2 should improve well on Q1. However, we feel that the improvement will remain modest", says the analyst.

Oddo BHF believes that Capgemini's overexposure to the European market is a point penalizing the group's recovery momentum. We are slightly lowering our forecasts to position ourselves at the very bottom of the growth guidance, and believe that the consensus should do likewise", adds the broker, for whom the valuation is once again "attractive".

Nonetheless, it points to the potential downside of market expectations, as well as the uncertainty surrounding the recovery of the European market, which puts the 2024 topline guidance at risk.

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