Orange: Credit Suisse maintains buy rating
(CercleFinance.com) - This morning Credit Suisse reacted to the annual results published by Orange this week, with the broker maintaining its buy rating on the stock ("outperform") of the French incumbent telecom operator.
Having adopted a target price of 16 euros, this suggests upside potential of 17%.
After these accounts, analysts have only slightly modified their forecasts. The most notable exception is "a slight reduction in our FY19 dividend," from 0.75 euro to 0.72 euro. Indeed, Credit Suisse argues, "Orange set a floor of 70c for FY19 DPS, but did not formally commit to growing the dividend beyond the 70c level in FY19."
"Orange said it would make its final decision on the matter later in the year according to the evolution of the French and Spanish markets," which have become more competitive, the broker's report says. Still, Credit Suisse says that the group should be able to pay a dividend of over 0.70 euro.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Having adopted a target price of 16 euros, this suggests upside potential of 17%.
After these accounts, analysts have only slightly modified their forecasts. The most notable exception is "a slight reduction in our FY19 dividend," from 0.75 euro to 0.72 euro. Indeed, Credit Suisse argues, "Orange set a floor of 70c for FY19 DPS, but did not formally commit to growing the dividend beyond the 70c level in FY19."
"Orange said it would make its final decision on the matter later in the year according to the evolution of the French and Spanish markets," which have become more competitive, the broker's report says. Still, Credit Suisse says that the group should be able to pay a dividend of over 0.70 euro.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.