Altice Europe: Oddo BHF drops buy rating
(CercleFinance.com) - Analyst Oddo BHF announced this morning that it has downgraded its buy rating on the Altice Europe stock, while cutting its corresponding target price, after it lost a good customer, with Bouygues' takeover of EI Telecom.
The broker is now "Neutral" on the share, with a target price of 3.90 euros (against 4.30 euros previously).
It says that while Orange and Iliad are now sustainably above 200k net adds in fiber each quarter and that Bouygues is also accelerating, investors could turn away from SFR's cable network, which remains at the bottom of the pack in terms of net adds in fiber each quarter (+64k in Q1). This is all the more so as Bouygues is continuing its B2B offensive and Iliad will also be entering B2B this year. The share's rebound no longer leaves enough upside to maintain a Buy rating, the broker explains.
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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.
The broker is now "Neutral" on the share, with a target price of 3.90 euros (against 4.30 euros previously).
It says that while Orange and Iliad are now sustainably above 200k net adds in fiber each quarter and that Bouygues is also accelerating, investors could turn away from SFR's cable network, which remains at the bottom of the pack in terms of net adds in fiber each quarter (+64k in Q1). This is all the more so as Bouygues is continuing its B2B offensive and Iliad will also be entering B2B this year. The share's rebound no longer leaves enough upside to maintain a Buy rating, the broker explains.
Copyright (c) 2020 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.