Oddo BHF maintains its 'neutral' rating on Capgemini shares, with an unchanged target price of 200 euros.

The research firm believes that short-term visibility on growth is limited, but that the scenario of a soft landing is confirmed.

The gradual slowdown observed in Q3, linked to weaker discretionary demand in most sectors in the US and Europe, was in line with the Group's expectations. This momentum should continue in Q4", says Oddo BHF.

Capgemini remains confident that it will be able to return to its structural growth profile (growth target of 7% to 9% cc), as the drivers of digitalization are intact.

Oddo BHF nonetheless indicates that short-term momentum prompts it to remain cautious and 'Neutral' on the stock 'despite its undeniable qualities'.

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