Orange: Berenberg maintains buy rating

(CercleFinance.com) - German broker Berenberg has confirmed its buy rating on the share of the French telecom operator Orange, with the group set to report its Q3 sales on 29 October.

It has, however, trimmed its corresponding target price from 16.8 euros to 16.6 euros.

After Q2 sales edged up 0.5%, analysts expect pretty similar growth in Q3 (+0.7%). While competition is expected to remain fierce in in Spain, it will probably continue to taper off in France.

Berenberg considers the Orange share as a safe haven - spared from political, investment and balance-sheet risks that affect other big cap stocks in the sector. In addition, analysts believe the share is trading at a discount.



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