Orange downgraded to Hold from Buy at Jefferies

Jefferies analyst Jerry Dellis downgraded Orange to Hold from Buy with a price target of EUR 10, down from EUR 12.40. While he expects Orange to deliver on its promised year-end "growth spike," growth prospects look weaker into FY23, Dellis tells investors. The longstanding expectation is that a large part of stepped up free cash flow in FY23 will be returned to shareholders, but given that the CEO who framed this idea has left, he sees "reasons to be nervous," Dellis added.