Orange upgraded to Buy from Underperform at BofA

BofA double upgraded Orange to Buy from Underperform with a price target of $13.65, up from $9.72. The analyst says thematic drivers for telecom sector include improving competitive trends, a path to lower investment needs, in-market consolidation opportunities, and a route to growing dividend returns. Orange’s investment case stands out as one of the few in the sector that captures all these elements while still at an attractive valuation, the analyst tells investors in a research note.