At 10:45 a.m., shares in the technology consulting firm were up 2.2%, while the Paris index for small and mid-caps advanced by 0.2%.

In a note published early this morning, Portzamparc highlighted that the stock has undergone a significant "rerating" since its low last autumn, gaining 25% in three months—a rebound the research firm considers "fully justified."

"First-half results point to a structural improvement in profitability through the optimization of subcontracting and central costs, which once again lends credibility to the medium-term target of a 15% current operating margin (MOC)," the research firm stated.

Analysts also highlighted the growing influence of technological and regulatory "drivers," particularly AI, which is expected to account for around 14% of revenue this year, compared to 4% in 2024.

Portzamparc further noted that the latest business update showed a marked improvement in demand since autumn, suggesting that major clients are now accustomed to political and geopolitical uncertainty.

The research firm thus raised its recommendation on the stock from "hold" to "buy," with a price target increased from €62.6 to €72, while adding it to its "High Five" alongside 2CRSI, Ipsos, Kaufman & Broad, and Stif.