Oddo BHF reiterates its 'outperform' opinion on Dassault Systèmes and raises its target price from €50 to €53, due to the fall in its WACC, the rollover of its DCF and the strong re-rating of peers.

These factors more than offset a slight drop in its guidance for the Group in 2024, to the mid-point of the growth guidance range, i.e. +9% at constant exchange rates, and to the upper end of the margin guidance range, i.e. 32.8%.

Although Oddo BHF recognized in yesterday's publication a 'clear disappointment at Medidata in the last quarter of 2023 and for 2024', it sees this 'largely offset by the excellent momentum of Industrial PLM'.

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