- Barclays analyst Mathieu Robilliard downgraded Telefonica SA (NYSE: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.
Why Are Telefonica Shares Trading Lower Today?
Barclays analyst Mathieu Robilliard downgraded Telefonica SA (NYSE:TEF) to Underweight from Equal Weight with a price target of…
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