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Capgemini: Bryan Garnier remains a buyer; ups target price

(CercleFinance.com) - Bryan Garnier has reinstated its "buy" rating on the Capgemini stock and has raised its fair value from 119 euros to 124 euros, judging that the IT services giant is "gaining more credibility on growth acceleration".

The broker explains that it has reduced its medium-term tax rate assumption from 33% to 30% (+3 euros) and has raised its adjusted EPS estimates for 2019 and 2020 (+2 euros) by 1% and 2% respectively, including LiquidHub from May 2018.
"Growth acceleration in Q4 2017 solidifies Capgemini's 5-7% lfl revenue growth scenario for 2019-20, while the company remains on track to deliver an operating margin of at least 12.5% in 2020," the broker continues.

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