- 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.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Posted In:
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
