Invest Securities today resumed coverage of Atos shares with a 'neutral' rating and a target price of €60, believing that the very sharp rise over the last three months (+86%) limits the potential for further appreciation.

Like the market, we welcome the arrival of P. Salle at the head of the group and the initial achievements in terms of improving profitability, the analyst says.

While margin and FCF improvement appear to be on track, he believes that the main question mark lies in Atos' ability to return to positive organic growth initially, and then to slightly outperform the market.

While P. Salle is convincing and confident on this point, the shift in organic growth is not expected to occur before the second half of 2026, and we need more information to form a definitive opinion, he warns.