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Orange: cautious UBS remains Neutral

( - UBS confirms its neutral rating on the Orange share, which suffered yesterday on the Paris Stock Exchange despite its investor day.

The broker maintains its 12m target price of 14.4 euros (current price 13.7 euros).

For analysts, and in essence, the Orange Investor Day brought - if need be - further evidence that there is downside risk in the consensus on cash flows of European telecoms operators. Mainly at issue is capex that has been announced investments, which remains high.

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