- Barclays analyst Mathieu Robilliard downgraded Telefonica SA TEF to Underweight from Equal Weight with a price target of €3.40 ($3.94), down from €4, implying a 13.7% downside.
- The analyst views the recent re-rating of the shares as overdone, saying Telefonica's operating free cash flow in Spain will remain under pressure with competition still high.
- Further, it is unlikely that the company's expensive football rights will get renewed at a lower price, Robilliard notes.
- Related Content: Telefonica Weighs Stake Sale In Spanish Fiber Network: Bloomberg
- Price Action: TEF shares traded lower by 3.72% at $4.40 in the premarket session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Posted In: NewsPenny StocksShort IdeasDowngradesPrice TargetAnalyst RatingsMoversTechTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
