While maintaining its 'neutral' rating, Oddo BHF has adjusted its target price for Capgemini from €229 to €226, ahead of a business update for the IT services group (April 30), for which it expects growth to be 'subdued'.

The research firm anticipates a significant deterioration in first-quarter growth (-4%) compared with the fourth quarter (-0.9%), "due to difficult base effects and weak demand for discretionary projects".

According to Oddo BHF, the recovery in growth should be gradual over 2024, and it is marginally adjusting its annual organic growth forecast (+0.5% vs. +1% previously) as well as its currency assumptions.

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