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Telefonica: BofA cuts target price

( - BofA Global Research cut its target price for Telefonica from 5.
1 euros to 4.7 euros, maintaining its "neutral" rating on the share, a report showed on Wednesday.

In a note to clients, the broker said that Telefonica needs to reduce its Latam exposure to build a platform for sustainable deleverage, and become a credible investment case once more.

BofA added that second-quarter results should feature significant currency headwinds and new weakness in Spain due to Covid and content spin-down, expecting Ebitda to fall 17% over the quarter.

Overall, the broker thinks that the share is fairly valued at its current levels.

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