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Tele2: shares up, broker upgrades to 'buy'

( - Tele2 shares are up on Tuesday as a broker upgrade highlighted the appeal of the Nordic telecoms group's businesses.

Berenberg analysts upgraded Tele2 from "hold" to "buy" and raised their target price from 115 Swedish kronor to 157 Swedish kronor, saying that they are turning positive on Swedish telecoms.

In a note to clients, Berenberg said market leader Telia's price increases this year across both fixed and mobile have sent "an encouraging signal" to competitors.

Tele2 shares - which have outperformed the Nasdaq OMX Stockholm market by 10% this year - were up 1% at 138.6 Swedish kronor today.

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