Tele2: Berenberg downgrades to 'hold' on valuation
(CercleFinance.com) - Berenberg has downgraded the Nordic telecoms company Tele2 from "buy" to "hold" citing valuation grounds, which has sent the stock down as much as 1.
8% to 125.1 Swedish kronor in Stockholm on Friday.
Berenberg analysts said the shares' valuation is "full" after a 20% rally, and have therefore cut their target price from 123 Swedish kronor to 115 Swedish kronor.
"Tele2's self-help and shareholder returns story will continue to have appeal. Fundamentally, however, we think there is now limited upside,” they wrote in a note to clients.
Copyright (c) 2019 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.
8% to 125.1 Swedish kronor in Stockholm on Friday.
Berenberg analysts said the shares' valuation is "full" after a 20% rally, and have therefore cut their target price from 123 Swedish kronor to 115 Swedish kronor.
"Tele2's self-help and shareholder returns story will continue to have appeal. Fundamentally, however, we think there is now limited upside,” they wrote in a note to clients.
Copyright (c) 2019 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.