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Tele2: Berenberg upgrades to 'buy'

( - On Thursday Berenberg upgraded its rating on the stock of Swedish telecoms operator Tele2 from "hold" to "buy", having identified an "attractive" entry point on the stock.

"We think consensus expectations for Tele2 have been sufficiently rebased following a COVID-19-driven guidance downgrade at the Q1 2020 results," the German broker said.

"With many peers deferring this “pain” until the Q2 results, the upcoming reporting season could be an opportunity," it added.

However, the broker maintains its target price for the stock at 136 Swedish kronor (current price: 122 Swedish kronor).

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