KPN: Jefferies cuts its target price
(CercleFinance.com) - Jefferies has reinstated its "underperform" rating on the KPN stock, while cutting its target price from 1.
99 euros to 1.91 euros, in a note dedicated to the Dutch telecom operator and its Belgian peers Proximus and Orange Belgium.
In KPN's case, the broker highlights recent reductions in the consensus for the group's free cash flow, with estimates for capital expenditure aligned with the messages of the company's new management.
“With ongoing pressure on consensus estimates, we see little reason to turn more positive on the stock at this point,” the broker says, before the publication of Q3 18 results on 24 October and the group's investor day, which is scheduled for 28 November.
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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.
99 euros to 1.91 euros, in a note dedicated to the Dutch telecom operator and its Belgian peers Proximus and Orange Belgium.
In KPN's case, the broker highlights recent reductions in the consensus for the group's free cash flow, with estimates for capital expenditure aligned with the messages of the company's new management.
“With ongoing pressure on consensus estimates, we see little reason to turn more positive on the stock at this point,” the broker says, before the publication of Q3 18 results on 24 October and the group's investor day, which is scheduled for 28 November.
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.