KPN: Jefferies cuts target price
(CercleFinance.com) - Jefferies said on Tuesday that it has reduced its target price for the Dutch telecoms group KPN from 2.
3 euros to 2 euros, while maintaining its "underperform" rating on the stock.
The US broker said KPN's valuation is starting to look "more supportive" after a period of visible underperformance, with the shares down 10% year-to-date versus the STOXX Europe 600 Telecommunications index.
However, Jefferies thinks some uncertainties remain, with a combination of factors preventing the analyst from becoming more constructive, including an imminent leadership change or uninspiring operating trends.
KPN shares were down 1.4% at 2.4 euros on Tuesday, while the STOXX Europe 600 Telecommunications index was up 0.3%.
Copyright (c) 2018 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.
3 euros to 2 euros, while maintaining its "underperform" rating on the stock.
The US broker said KPN's valuation is starting to look "more supportive" after a period of visible underperformance, with the shares down 10% year-to-date versus the STOXX Europe 600 Telecommunications index.
However, Jefferies thinks some uncertainties remain, with a combination of factors preventing the analyst from becoming more constructive, including an imminent leadership change or uninspiring operating trends.
KPN shares were down 1.4% at 2.4 euros on Tuesday, while the STOXX Europe 600 Telecommunications index was up 0.3%.
Copyright (c) 2018 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.