Gemalto: Following the Q1 sales conf. call, we have cut our FY16-18e EPS sequence and FV
NEUTRAL, Fair Value EUR62 vs. EUR69 (+9%)
QIAGEN: Delayed ramp-up in profitability
NEUTRAL, Fair Value EUR22 (+4%)
Altran Technologies: Q1 16 sales above expectations, outlook confirmed
NEUTRAL, Fair Value EUR13 (+5%)
STMicroelectronics: The environment is improving but execution remains the key
NEUTRAL, Fair Value EUR6.3 (+11%)
Axway Software: Q1 16 sales below our expectations, focused on the transformation plan
NEUTRAL, Fair Value EUR20 (+3%)
Capgemini: Q1 16 conference call feedback: more confidence in revenues and margins
BUY, Fair Value EUR96 vs. EUR90 (+22%)
GlaxoSmithKline: Strong start to the year, including favourable phasing
BUY, Fair Value 1700p vs. 1670p (+17%)
Numericable SFR: Buying media assets: great marketing, equity story still to be written…
NEUTRAL, Fair Value EUR28,4 (-2%)