UBS reaffirms its 'buy' recommendation on Capgemini, with an adjusted price target of €200 to €197, a new target which implies a potential upside of 14% for the stock, the day after the French IT services group's business update.

During the financial crisis, Capgemini's share price reached its lowest level six months before the low point for sales growth and 12 months before the low point for earnings estimates", notes the broker, who therefore expects the share price to rebound before the low points for growth and EPS.

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