Invest Securities has raised its opinion on Capgemini from 'neutral' to 'buy', with an updated price target of €178 to €200, following the continuation of the recent underperformance of the share price, combined with the easing of the risk premium and interest rates.

'Like other best-in-class tech companies in Europe, Capgemini has suffered on the stock market in 2022, with impressive operational performance taking a back seat to rising interest rates', recalls the analyst.

Although it slightly lowers its estimated NBI for 2022-24 (-0.5%/-4.5%/-2.9%), the research firm believes that the IT services group 'should be able to resist much better than in previous recessionary cycles'.

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