Oddo BHF confirms its "Outperform" rating on Téléperformance shares, while reducing its target price from €118 to €108. The analyst notes that the US subsidiary LanguageLine Solutions continues to suffer from lower-than-expected demand in the US market, leading the broker to adopt a more cautious approach to the "Specialized Services" division.

However, the broker points out that cost-cutting measures have been put in place to preserve margins, which are expected to remain comparable to those of H2 2024.

Oddo BHF has also adjusted its forecasts, now anticipating organic growth limited to 1.5% in 2025 (compared to 2% previously), with a 1.8% decline in EPS. However, it points out that the stock's valuation remains "particularly moderate," with an estimated free cash flow yield of nearly 25%.