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Telia: shares down on Jefferies downgrade to 'hold'

(CercleFinance.com) - Telia shares were down slightly on Monday after Jefferies downgraded the Swedish phone company to "hold," citing a disappointing guidance for 2019.

In a report dated 9 December the broker cut its rating from "buy" and reduced its corresponding target price from 49.2 Swedish kronor to 40.9 Swedish kronor.

Beyond the "severe disappointment" in the group's new guidance for 2019, Jefferies pointed out that Telia's operational and revenue/EBITDA trends "have been mixed for some time."

The broker feels that a better view cannot be justified, due to the share's valuation, as Telia is already trading at a premium relative to its peers.

Amongst specific issues, Jefferies also points to recent rather volatile cost cutting execution.

The Telia stock is currently down 0.1% at 40.8 Swedish kronor, pretty much in line with the Nasdaq Nordic market.

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