Telenor: shares fall on broker downgrade
(CercleFinance.com) - Telenor shares fell sharply on Tuesday after a broker downgraded the stock of the Norwegian telecommunications carrier.
The telecom provider fell 4.6% on the Oslo Stock Exchange as Berenberg downgraded its "buy" rating on the stock to "hold," awaiting a "better entry point."
The German broker also cut its target price for the stock, from 167 Norwegian kronor to 165 Norwegian kronor.
"Telenor entered the COVID-19 crisis in strong shape and we continue to like its prospects," Berenberg wrote in a note to clients.
"However, developments in Asia reveal that there is potential for a higher shortfall in subscription and traffic revenues during the lockdowns than we had expected," it pointed out.
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