Jefferies downgrades its recommendation on Capgemini from 'buy' to 'hold', with a price target drastically reduced from 255 to 195 euros, believing that the French IT services group's shares should remain stuck in a corridor.

While it still considers Capgemini to be a well-managed global player, the broker believes that the consensus should be revised downwards to reflect a weaker market recovery, and that the stock's recent outperformance has eroded a valuation discount.

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