BT Group downgraded to Neutral at Redburn on worse cash flow

As previously reported, Redburn downgraded BT Group to Neutral from Buy. BT’s strategy to be aggressive on customer retention and its fiber build is “the right one,” but cash flow has worsened and the firm’s debt estimate is up GBP 1B for FY26, the analyst tells investors. The shares can either be seen through current cash flow or long term asset re-rating, says the firm, which tilts “back to the former” as it downgrades shares.