- BofA analyst Cesar Tiron upgraded VEON Ltd (NASDAQ: VEON) to Buy from Underperform with a price target of $2.70, up from $1.60, implying a 46.7% upside.
- Stronger conviction regarding the company's operational recovery following $5.5 billion of cumulative Capex in 2019-2021 led to the re-rating.
- Tiron sees catalysts for VEON coming from the company's "significant" balance sheet unlock potential via tower monetization and Algeria sale, estimating that its free cash flow could rise from negative $58 million in 2022 to $624 million in 2023.
- Tiron notes that at 3.4x expected 2022 EBITDA, VEON is the "cheapest mobile stock globally."
- Price Action: VEON shares traded higher by 4.89% at $1.93 in the market session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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