BT Group: shares rise after Berenberg ups target

(CercleFinance.com) - Shares in BT Group are currently up 1.
2% at 259.4 pence after Berenberg increased its target price for the British telecom group.

The German broker - which has a "buy" rating on the stock - has raised its target price from 270 pence to 275 pence.

"BT's strength in recent months has seen it re-rate back towards sector multiples," Berenberg says.

"Newsflow has been more positive than negative and we think there are more positives in the near term," it adds.

However, from a longer-term perspective, Vodafone's valuation looks more compelling, the note says.

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