Cellnex: BarCap downgrades 'overweight' rating

(CercleFinance.com) - Barclays Capital has downgraded its rating on the Cellnex stock from "overweight" to "equal weight," while cutting its target price from 27 euros to 26 euros, pointing out that share of the telecom infrastructure group boasts the best performance in the SXKP index since the start of 2017.


"Whilst we continue to like the European tower space for the structural growth on offer we are more cautious on the opportunity for significant deals for Cellnex, at least in the short term," says the broker.

BarCap explains this by recent comments from major European operators and the valuation seen in operations this year. According to him, expectations of the EBITDA consensus for 2019 have become too optimistic.



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