Jefferies maintains its "underperform" rating on Dassault Systèmes shares with a target price maintained at €27.

Based on the experience of a Platinum reseller, the analyst cites continuing difficult market conditions and believes that this macroeconomic environment is holding back customer investment decisions, particularly for strategic projects related to 3DExperience, which are considered deferable.

The broker also points out that the launch of Gen 7 solutions is not, at this stage, leading to a significant acceleration in the migration to 3DExperience. The lack of a strong marketing campaign and confusion over the terminology used between "Gen 7" and "Version 7" are complicating customer perception and slowing adoption, it says.

Finally, the report points to the continuing slow rollout of 3DExperience, partly due to complex data migration requirements, which is hampering cross-selling opportunities.


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