Orange: Morgan Stanley trims target price.

(CercleFinance.com) - Morgan Stanley has reduced its target price for Orange shares from 20.
50 euros to 20 euros, while maintaining its "overweight" rating.

The broker - which has updated its forecasts following strong fourth-quarter figures (Ebitda rose by 4.8%) - says that France and Spain should together drive strong Ebitda growth.

"The outlook in France (fixed-line price increases, lower labour costs) and Spain (inflation) remains very encouraging," Morgan Stanley underlines, seeing "limited" M&A risk.

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