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Swisscom: RBC maintains 'underperform' rating.

(CercleFinance.com) - RBC Capital Markets maintains its "underperform" rating on Swisscom shares, albeit raising its target price from 347 Swiss francs to 356 Swiss francs, which still implies 30% downside potential.

"We believe Swisscom's valuation does not discount the full effect of competitive risks," the broker writes in a report.

RBC says the stock is trading at a premium relative to peers, at 9.1x 2018E EV/EBITDA compared to 6.6x for its peers.

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