Telefónica, victim of the stock market correction in telcos
Telecommunications companies are now becoming the worst sector in all of European equities. The correction is widespread, and Telefónica's stock price is no exception.
European telecommunications companies are experiencing a significant downturn, with shares plummeting between 3% and 5% at mid-session. Airtel Africa's shares have dropped by 10% after a Bloomberg report indicated that its Airtel Money division's initial public offering (IPO) valuation is being drastically revised downward. The revision comes as investors show lukewarm demand, with the new target being at least $800 million, down from $1.5-2 billion.
Morgan Stanley has also downgraded its recommendation on Orange and revised its price target for Telefónica downward by 11%.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
