HSBC analyst Nicolas Cote-Colisson downgraded Liberty Global to Hold from Buy with a price target of $20, down from $26. In the past two years, inflation gave European Telecom operators a convenient excuse to lift prices, but the firm senses “suspicion that an underlying change in telecoms pricing power has really taken place” and believes 2024 will be the year where operators’ commercial strategies will be judged as inflationary tailwinds recede. In this context, selectiveness is required among the group, says the firm, which prefers Orange, KPN and Elisa.
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