KPN downgraded to Hold from Buy at Berenberg

Berenberg analyst Usman Ghazi downgraded KPN to Hold from Buy with a price target of EUR 3.45, up from EUR 3.20. The strong share price performance reflects KPN’s "growing safe-haven status," the analyst tells investors in a research note. The firm says the company’s shareholder returns have largely played out and that the shares trading at the upper end of the sector’s valuation range.