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Orange: Credit Suisse adjusts target price

( - Credit Suisse reinstates its "outperform" rating on the Orange share, having shaved 50 cents off its target price from 13.
50 euros to 13 euros, after the broker trimmed its estimates for 2022 sales and EBITDA by 0.5%.

The broker says that 2021 will probably suffer from a temporary cash-flow squeeze, although that 2022 could see a strong recovery in FCF, with it seeing "strong FCF rebound and we see scope for meaningful FCF growth thereafter as capex falls".

"Near term we see little support for the stock, but by 2023 we believe Orange could generate equity FCF of E3bn+ compared to its current E27bn market cap," analysts add.

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