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Iliad: Morgan Stanley raises target price

(CercleFinance.com) - Morgan Stanley reiterates its "overweight" recommendation on the Iliad share, while raising its corresponding target price from 140 euros to 145 euros, expecting that the telecommunications group is set for a "decent H2, with less competition and easy comps.
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"H2 results should confirm Group EBITDA troughed in H1," said the broker, which adds, "We have greater conviction that 2020e OpFCF targets are achievable."

In its summary, Morgan Stanley also highlights the premium share buyback program launched by Free's parent company, which it says, "illustrates management confidence."


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