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Iliad: no turnaround yet, according to Credit Suisse

( - In its study of Iliad today, Credit Suisse has maintained its neutral rating, noting that the group's performance indicators do not yet reflect a reversal of trends.

Having cut its target price for the share from 130 euros to 110 euros, following new earnings expectations, this still gives the stock upside potential of around 18%.

Admittedly, analysts believe it is "credible" to anticipate an improvement in Iliad's commercial trends in fixed telephony, which should materialise in the course of 2019, in particular thanks to the new Delta box.

That being so, the main issue for Free's parent company is whether it can sustainably return to stronger growth in mobile telephony. However, nothing is less certain, Credit Suisse believes. It cites that the increase in ARPU that would result from the migration of users to the 20 euro offer is taking time to materialise, and that Iliad does not seem to want to reduce the gap relative to competition in terms of coverage and the number of 4G-equipped sites.

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