Swisscom price target lowered to CHF 590 from CHF 610 at UBS

UBS lowered the firm’s price target on Swisscom to CHF 590 from CHF 610 and keeps a Buy rating on the shares. Post Q4, the firm assumes stable Swiss EBITDA longer term rather than modest growth. Nevertheless, UBS sees optionality on easing promotional activity in the Swiss market and on Italian M&A.