KPN: Credit Suisse still a buyer
(CercleFinance.com) - Credit Suisse confirms its outperform rating on the KPN share, along with its target price of 3.
"We view KPN as a sector top pick as an incumbent with relatively high wireline exposure. We also prefer incumbents which are more “fully invested” i.e. have rolled out a lot of fibre already so have less capex risk," Crédit Suisse says.
"We make very little changes to our KPN group forecasts, trimming 2020-22E group revenues by less than 1% and, similarly changing our 2020-22E EBITAD (after leases) by less than 1%," the broker adds.
Remember that the group maintained its target for adjusted EBITDA that is stable to slightly up relative to 2019.
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