Capgemini: Oddo BHF still neutral
(CercleFinance.com) - Oddo BHF maintains its neutral rating on Capgemini shares, with an unchanged target price of E211 (cp: E191, +0.
2%).
Based on our discussions with the company and its main peers, we understand that org. Q2 should improve well rlative to Q1. However, we feel that the improvement will remain modest, it says.
Oddo BHF believes that Capgemini's overexposure to the European market is a point penalising 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, the broker adds, for which the valuation is once again "attractive".
Nonetheless, it points to the downside potential in market expectations, as well as the uncertainty surrounding the recovery of the European market, which puts the 2024 topline guidance at risk.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
2%).
Based on our discussions with the company and its main peers, we understand that org. Q2 should improve well rlative to Q1. However, we feel that the improvement will remain modest, it says.
Oddo BHF believes that Capgemini's overexposure to the European market is a point penalising 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, the broker adds, for which the valuation is once again "attractive".
Nonetheless, it points to the downside potential in market expectations, as well as the uncertainty surrounding the recovery of the European market, which puts the 2024 topline guidance at risk.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.