Deutsche Telekom: UBS upgrades recommendation

(CercleFinance.com) - UBS has upgraded its recommendation on Deutsche Telekom from 'neutral' to 'buy', with a target price raised from E31 to E33, due to exchange rate variations, with its new TP implying 13% upside potential for the German operator's stock.


The broker points out that Deutsche Telekom shares are trading at a P/E of 13.4x, although offers EPS growth of +11% p.a.. It also sees it as a 'defensive US stock', with the US accounting for two-thirds of its business.


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