Citi imposes restrictions on Telefónica after a bad week for prices
Citigroup raises Telefónica’s target price to 4.30 euros per share from 4 euros previously. Growth potential is 3.9%.
Telefonica shares still do not see the light and fell by 1.16% this Friday morning, reaching 4.091 euros on the IBEX 35 index, which at the same time fell by 0.23%. The value is derived from the accumulation of five consecutive decline sessions that resulted in a penalty of 6.30%.
So what today Citigroup analysts They seem to have given him a vote of confidence. In particular, the American firm decided to raise the target price of the telecommunications company to 4.30 euros per share, from the previous 4 euros. Based on yesterday’s close, the new estimate represents growth potential 3.89%.
Citi’s improvement comes after a particularly difficult day yesterday for Telefonica, which was heavily burdened by the recommendations of the other two major analyst firms. The worst performer was Deutsche Bank, which cut its recommendation from “hold” to “sell” and also cut its stock price by 25.5%, lowering its price target to €3.20 from the €4.30 quoted above.
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For its part, US bank JPMorgan raised its target price for Telefónica from 3.50 to 3.60 euros and left its rating at “neutral”, but this also leaves its potential at zero.
Despite the improvement, the valuation is significantly lower than the current price, which predicts a sharp drop in value, as in the case of Deutsche Bank.
Despite the latest negative streak, Telefónica shares continue to rise. this year the revaluation was 16.5%, with a market capitalization of 23,360 million euros. The value of the telecommunications company was boosted by the government’s entry into its capital, the share of which reached 10%, in response to the entry of the Saudi company STC. CriteriaCaixa is also expected to increase its participation in the coming months following the asset sale recently carried out by Caixabank.
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