UBS has downgraded its recommendation on Capgemini from 'buy' to 'neutral', despite raising its target price from €209 to €235, a new target with 8% upside potential for the French IT services provider's stock.

With a forward-looking PER of 17.7x and a free cash flow yield of 5.2%, we believe that the market is paying sufficiently for a recovery concentrated in the second half of the year", says the broker in his summary note.

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