May 27(Reuters) - ** Shares in Capgemini CAPP.PA fall nearly 4% after the French IT services group announced its mid-term targets with a lower-than-expected free cash flow guide

** Jefferies sees the targets as broadly in line with expectations, but adds that investor focus is likely to remain on FCF, while stronger sector-wide AI demand could be a key catalyst

** J.P. Morgan says the cumulative FCF target of above €6 billion ($6.99 billion) over 2026–2028, implies FCF below consensus for 2027-28

** JPM says the new revenue growth target of 5.5%–7.5% implies a faster organic growth acceleration than expected, but notes a step down on the adjusted operating margin line to 12.1%–12.3% by 2028 from earlier 14%

** Including today's fall, the stock has dropped by 29.4% YTD

($1 = 0.8586 euros)