BUZZ-JPM resumes Teleperformance at 'underweight' on mid-term risks from shifts in industry

Reuters10-04

** J.P.Morgan resumes coverage of call centre group Teleperformance with "underweight" rating, citing concerns over medium-term earnings risks driven by structural industry shifts

** JPM flags risks from automation and declining offshoring trends casting doubt over Teleperformance's meeting consensus expectations in 2025 and beyond

** These industry shifts create margin challenges for Teleperformance and peer Concentrix

** "In the face of a potential medium-term earnings reset, we do not see the double-digit FCF yield as enough reason to be more positive," JPM says

** It forecasts Teleperformance EBITA and EPS for 2025 and 2026 to fall short of consensus by 6% and 12%, respectively

** The broker however expects Teleperformance to meet 2024 guidance, helped by offers including AI and synergies from Majorel deal

** Out of 20 analysts covering the stock, 12 rate it "buy"/"strong buy", seven "hold", and one "sell"

(Reporting by Dagmarah Mackos)

((dagmarah.mackos@tr.com))

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