Capgemini downgraded to Hold from Buy at Jefferies

Jefferies analyst Charles Brennan downgraded Capgemini to Hold from Buy with a price target of EUR 195, down from EUR 255. The company is a “well-run global IT services player”, but a combination of market recovery delay, consensus expectations being slow to reflect these dynamics, and recent share price outperformance having eroded the stock’s valuation discount means that Capgemini shares are likely range bound, the analyst tells investors in a research note.