UBS reaffirms its 'buy' recommendation on Capgemini, with a price target lowered from 225 to 210 euros, a new target that still leaves 29% upside potential for the IT services group's shares.

A second target cut in three months is not welcome, but the fact that the stock has fallen as much as expected earnings suggests some valuation support at a 7% FCF yield," the broker judges in the summary of its note.

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