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Orange: Oddo still a buyer; maintains target price

(CercleFinance.com) - In turn, Oddo BHF welcomes annual accounts published by Orange, this morning confirming its buy rating advice on the share of the French incumbent telecom operator.

The broker maintains its target price of 18.5 euros, meaning upside potential of over 30%.

Analysts welcome accounts that are "overall in line with expectations". Admittedly, Arpu, average revenue per user, slightly disappointed in France, however, "the impressive" conquest of customers in optical fiber being offset by many special offers and migrations on DSL at the end of the year. Be that as it may, the trend remains favourable in France, while this is particularly so in Spain (with a "spectacular" rise of 5% in Q4) and in Africa, where the growth momentum is considered "solid".

In addition, Oddo BHF states that CEO Stéphane Richard should have his term of office renewed for a third time, which removes a doubt about the group's future. In addition, Orange should stick to a "cautious" acquisitions policy.

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