Berenberg Notes Dassault Systèmes' 'Very Solid' Q2; Buy Rating, Price Target Kept

08:03 AM EDT, 07/24/2026 (MT Newswires) -- Berenberg kept Dassault Systèmes' (DSY.PA) buy rating and price target of 24 euros as analysts downwardly revised their earnings forecasts for the company despite a "very solid" second quarter. The research firm said Friday the French software company's second quarter results delivered a "modest beat versus expectations." As a result, Berenberg raised its 2026 growth outlook, but warned of "stronger AI-related cost pressures," prompting a 1% average cut to its earnings estimates through 2028. "While the Medidata business continues to be a drag on growth, it was encouraging to see Q2 total top-line growth (on a constant currency basis) accelerate from Q1 levels. Based on our estimates, a further growth ramp is required to achieve the midpoint of the 2026 targets, which were reiterated with the Q2 print. Based on year-to-date performance, combined with our expectation that the Medidata growth drag will dilute in H2, we see potential for growth to reach 5.0% in H2 - a meaningful, but in our view achievable, step-up from the 3.5% level recorded in H1," the report noted.