Cellnex Telecom: Barclays downgrades stock

(CercleFinance.com) - Barclays has downgraded its rating on Cellnex Telecom shares from "overweight" to "equal weight", reducing its target price for them from E48 to E35 (cp: E29.
5, -2%), saying that "for the next 12-18 months we see tailwinds becoming headwinds".

"We like the TowerCo model and believe that Cellnex offers strong structural free cashflow generation potential in the coming years. It also trades at a valuation well below that of private TowerCo M&A", the broker highlights.


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