Altice: BarCap returns to buy rating
(CercleFinance.com) - Barclays Capital (BarCap) is now more aggressive towards the Altice NV stock of Patrick Drahi's Dutch telecom holding company.
The broker now has a buy (outperform) rating on the A share, against a previous neutral rating "weight in line," with a higher target price of 11.2 euros (vs. 9.8 euros previously).
Admittedly, analysts say, the group has recently faced a "myriad of problems" that have plagued the share: SFR's difficulties in France, the falling valuation of US assets, fears about prices in Portugal, all of which have been "exacerbated" by a high debt ratio (over five times EBITDA).
However, broker Bryan Garnier argues in a research report that on 8 January the group presented the roadmap for its restructuring so as to make its balance sheet and operational performance more viable, through monetising assets and reinvestments.
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.
The broker now has a buy (outperform) rating on the A share, against a previous neutral rating "weight in line," with a higher target price of 11.2 euros (vs. 9.8 euros previously).
Admittedly, analysts say, the group has recently faced a "myriad of problems" that have plagued the share: SFR's difficulties in France, the falling valuation of US assets, fears about prices in Portugal, all of which have been "exacerbated" by a high debt ratio (over five times EBITDA).
However, broker Bryan Garnier argues in a research report that on 8 January the group presented the roadmap for its restructuring so as to make its balance sheet and operational performance more viable, through monetising assets and reinvestments.
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.