(CercleFinance.com) – The analyst confirms his Neutral advice on the stock with an unchanged price target of E3.9, which represents a potential upside of 5% compared to the current price.
UBS considers the value cheap but “dynamically complex”.
“Telefonica offers defensive FCF growth at an attractive valuation but with uncertain results due to various announced transactions in Spain and other risks,” UBS says.
The Spanish telecoms operator now expects organic revenue growth of 4% this year, double its previous forecast. It also expects gross operating surplus (EBE) to grow organically by 3%, at the top of the range it communicated to the market at the start of the year.
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