While reducing its price target from 218 to 208 euros, Invest Securities reaffirms its 'buy' opinion on Capgemini following its business update, 'even if stock market outperformance should only return with the reacceleration of organic growth'.

If the Group returns to organic growth in line with its peers, the analyst finds the presentation reassuring regarding margins, "which management now sees at the top end of the range for 2023 (i.e. 13.2%), improving in 2024 and still at 14% in 2025".

While management has not ventured to date the quarter of inflection of organic growth in 2024, the message is also reassuring, particularly on the potential of AI on 2024-25 sales', it continues, adjusting its 2023-25 BNA only at the margin.

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