Telenor: shares slightly up on broker upgrade
(CercleFinance.com) - Shares in Telenor rose on Wednesday after German broker Berenberg upgraded its recommendation on the shares, citing "repositioning" in the sector.
Telenor shares were up 0.1% at 160.6 Norwegian kronor, while the broader Norwegian market was broadly flat.
Berenberg said in a note to clients that it has upgraded its recommendation on the shares to "buy" from "hold," while decreasing its target price from 188 Norwegian kronor to 175 Norwegian kronor.
"The Scandinavian telecom markets continue to post anaemic growth relative to Europe and yet the shares of Telia, Telenor and Tele2 have been among the best performers this year," it wrote in the report.
"From hereon, we believe Telenor will outperform," Berenberg added.
Telenor is now its top pick in the Scandinavian market.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Telenor shares were up 0.1% at 160.6 Norwegian kronor, while the broader Norwegian market was broadly flat.
Berenberg said in a note to clients that it has upgraded its recommendation on the shares to "buy" from "hold," while decreasing its target price from 188 Norwegian kronor to 175 Norwegian kronor.
"The Scandinavian telecom markets continue to post anaemic growth relative to Europe and yet the shares of Telia, Telenor and Tele2 have been among the best performers this year," it wrote in the report.
"From hereon, we believe Telenor will outperform," Berenberg added.
Telenor is now its top pick in the Scandinavian market.
Copyright (c) 2018 CercleFinance.com. All rights reserved.