Telefonica: shares fall as Berenberg cuts target price
(CercleFinance.com) - Telefonica shares fall 2.
6% after Berenberg cuts its target price from 4.8 euros to 4.2 euros.
In a note to clients, the German broker said that the stock is "cheap," but also dominated by adverse external effects.
"Telefonica is the worst-performing stock this year in the STOXX Europe 600 Telecoms index," it pointed out in the report.
"With OpFCF down by just 2% organically at the third quarter year-to-date, this performance more demonstrates Telefonica's sensitivity to externalities," Berenberg wrote, maintaining its "hold" rating on the share.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
6% after Berenberg cuts its target price from 4.8 euros to 4.2 euros.
In a note to clients, the German broker said that the stock is "cheap," but also dominated by adverse external effects.
"Telefonica is the worst-performing stock this year in the STOXX Europe 600 Telecoms index," it pointed out in the report.
"With OpFCF down by just 2% organically at the third quarter year-to-date, this performance more demonstrates Telefonica's sensitivity to externalities," Berenberg wrote, maintaining its "hold" rating on the share.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.