Capgemini - Europe's largest computer consultancy - yesterday reported an 8.6 per cent rise in second-quarter sales to beat forecasts and raised its 2006 revenue growth target.
The bullish statement caused Capgemini shares to rise nearly six per cent to 41.76 euros, the stock's highest level in about two weeks.
Second-quarter sales rose to 1.915 billion euros (£1.3 billion), with turnover boosted by growth in Europe and North America.
Capgemini's second-quarter sales growth stood at 10.9 per cent on a like-for-like basis, excluding the effects of currency exchange rates and acquisitions and disposals.
"Following these results, the group is upwardly revising its revenue growth target which, at constant rates and perimeter (on a like-for-like basis), should approach ten percent for the whole of 2006," Capgemini said in a statement.
"Capgemini remains our top IT (information technology) services stock. However, we see little scope for further upward revision of our estimates and therefore of our target price of 45 euros," JP Morgan said in a research note, keeping an "overweight" rating on the stock.
Oddo Securities added it was unlikely Capgemini would be unaffected by recent signs of uncertain market conditions in the industry, which saw rival Atos Origin cut its 2006 financial goals earlier this month.
Capgemini Chief Executive Paul Hermelin said the company, which has an office in Birmingham, could consider bolt-on acquisitions in Europe.
Capgemini's higher sales follow a similarly upbeat statement from IBM, the world's largest computer outfit, which this month reported a higher-than-expected second-quarter profit.