Capgemini: Q1 13 conference call feedback: back to normal
BUY, Fair Value EUR47 (+35%)
We reiterate our Buy rating following yesterday’s conference call. While the business in January and February was slow, March and April saw an improvement in discretionary spending, which makes us confident to assert Capgemini is on track to deliver FY13 guidance. This is a good milestone for giving more credibility to the 10% medium-term operating margin target in our view. We consider yesterday’s share price surge as a catch-up after a slight decline during the last 3 months.
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