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Capgemini: Invest Securities upgrades stock and raises TP

( - Invest Securities has upgraded its rating on the Capgemini share to neutral (vs.
sell), having increased its corresponding target price to 117 euros (up from 89 euros - current price: 118 euros).

The broker says that its valuation was too low for two reasons: (i) an overly pessimistic scenario regarding Covid's impact on its medium-term estimates and the margin retained over the long term, (ii) a methodology that had gradually shifted away from market parameters.

The final H1 results confirm that most of the group's businesses are declining slightly, outside France and industry. The challenge to adopt a more positive or negative stance is focused on the market's health in 2021, on which visibility is very limited at this stage, Invest Securities adds.

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