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GTT: maintains buy rating after interim results

( - Berenberg reinstates its "buy" rating on GTT shares, along with its target price of 150 euros, after the group's H1 results, announced at the end of July, were deemed "decent" by the broker, exceeding its expectations by 4% for revenues and 11% for earnings.

"We believe that most investors have already accepted short-term losses from Russian projects and that bulls are focused on the cheap mid-term multiples," Berenberg said.

"Shares trade on only c14x/13x P/E and a 5.9%/6.3% dividend yield on our new 2024/2025 estimates respectively, which is optically cheap given GTT's quality".

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