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Euskaltel: Morgan Stanley cuts target price.

( - Morgan Stanley has cut its target price on Spanish telecommunications company Euskaltel from 11.
5 euros to 11 euros, while maintaining an "overweight" rating on the shares after a sell-off due to competition concerns.

"While promotional activity has stepped up, we believe recent price rises (low-end) continue to support our view," Morgan Stanley writes in a report.

"Looking ahead, we see the Capital Markets Day in November as a key catalyst - with upside in synergies revision and network expansion," it added.

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