UBS analyst Polo Tang downgraded BT Group to Sell from Neutral with a price target of 120 GBp, down from 146 GBp. The analyst thinks the market has underestimated the impact of rising interest rates and accounting changes at BT Sport that impacts free cash flow. Borrowing to fund both the dividend and pension deficit payments when the cost of debt is rising presents risks, says the firm.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BTGOF:
