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Eutelsat : Goldman Sachs no longer Buy

( - Goldman Sachs announced on Monday that it had changed its outlook on Eutelsat from "buy" to "neutral".

The US investment bank, whose target price has been lowered from ?14 to ?4, explains that it is concerned about the impact of the OneWeb acquisition and intensifying competition on the group's profitability.

"New projects in LEO technology are associated with high structural costs at a time when the competitive environment is getting tougher", the New York firm worries.

In addition, Goldman warns that 'the medium-term evolution of free cash flow (FCF) remains highly dependent on the successful execution of projects, both in terms of capital allocation and timing, as well as on rising interest rates'.

In these conditions, the Wall Street firm says it sees only 'limited' upside potential for the stock.

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