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Altice: Morgan Stanley cuts target price.

(CercleFinance.com) - In a research report published this morning, Morgan Stanley maintains its "weight in line" rating on the Altice share of Patrick Drahi's Dutch telecom holding company.
However, it has (significantly) cut its target price for the share from 20.5 euros to 13.5 euros.

Analysts point out the share's 35% fall since the early November announcement of disappointing Q3 results. Indeed, Altice missed the consensus in terms of EBITDA, while the group's net debt represents between 5 and 5.5 times its EBITDA.

Analysts also underline rising interest rates, coupled with tougher conditions in the TMT (technology, media and telecoms) high-yield bond market. This should be borne in mind, given that the group's net debt, which is close to 50 billion euros, increased further in Q3.

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