Deutsche Telekom: Oddo BHF downgrades stock

(CercleFinance.com) - Oddo BHF has downgraded Deutsche Telekom shares from 'outperform' to 'neutral', as the share price has now reached its target price, raised from E25.
5 to E27 (due to the rise in the T-Mobile US share price over the past two months).

T-Mobile US has announced a shareholder return that remains good, while more modest than expected, which could result in Deutsche Telekom also announcing at its October CMD that it will return less than the expectations that have formed in recent months, it warns.

Oddo BHF says that this is all the more possible if the operator decides to invest more in Europe (fiber acceleration in Germany), to retain M&A flexibility (acquisitions in Europe, TMUS capital increase) or faces cost increases.


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