Morgan Stanley analyst Adam Wood upgraded Capgemini (CGEMY) to Equal Weight from Underweight with a price target of EUR 117, down from EUR 142. The Gen AI debate is expected to continue around IT Services, and the firm believes that the burden remains on companies to demonstrate they can benefit, the analyst tells investors in a research note. After a significant derating so far in 2026 however, Morgan Stanley now sees a “more balanced” risk-reward for Capgemini, the firm added.
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