Invest Securities upgraded Atos shares from 'neutral' to 'buy', albeit with a target price maintained at €60, believing that Tuesday's decline in the share price (-9%) following the business update restores the stock's potential (+16%).

Q3 2025 results are in line with H1, with a reassuring message on profitability and FCF and uncertainty about organic growth, the analyst said.

'The CEO's optimistic message on this last point during the presentation, as well as the indications on order intake for the fourth quarter, suggest a gradual improvement in the trend over the coming months, he continues.

Following this publication, the broker is leaving its organic growth estimates for Atos unchanged for the 2025 to 2027 financial years (-12.9%/-1.1%/+2.3%), but is slightly raising its earnings estimates.