Oddo BHF confirms its 'underperform' rating on Atos shares, with an unchanged target price of 4.7 euros, after onepoint announced in a press release yesterday that it had exceeded the threshold of 5% of Atos capital and held 9.9% of outstanding shares.

The return of onepoint to the race for Atos was a more credible option following the change in the group's Chairman", notes Oddo BHF, which nevertheless points out that onepoint should not necessarily be seen as a white knight or even less as a good Samaritan in this operation.

Beyond the possible short-term short-squeeze linked to this announcement, we still see a pre-money fair value of E6.0 per share, or E4.7 after dilution of the capital increase. We therefore remain cautious on the share', concludes the broker.

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