Kepler Cheuvreux downgraded Dutch IT services company Ctac to 'hold' from 'buy,' citing limited upside potential and a sharply reduced free float. The move followed Value8's ownership stake rising to 66.9%, triggering a mandatory offer and shrinking the publicly tradable shares to about 11%. The brokerage cut its price target to €3.30 from €3.50.

The reduced liquidity and concentrated ownership structure are key drivers behind the downgrade. With shares closing at €3.02, the new target implies only about 9.3% upside. Kepler Cheuvreux described the stock as fairly valued, valuing the company at roughly €42.7 million in market capitalization based on discounted cash flow and peer comparisons.

Beyond the ownership shift, Kepler Cheuvreux also lowered its financial forecasts, cutting 2025 and 2026 sales estimates by 8.7% and 10.7%, respectively. Adjusted EBIT forecasts saw steeper reductions. While the cloud division shows some stabilization from sovereign demand, the projects and secondment segment faces tough conditions due to cautious clients and stricter labor regulations, limiting near-term recovery prospects.