Barclays ups Cellnex and Inwit to 'overweight', sees positive catalysts in Spain, Italy
BUZZ-Barclays ups Cellnex and Inwit to 'overweight', sees positive catalysts in Spain, Italy ** Barclays believes there could be positive catalysts ahead in Spain and Italy after "a perfect storm" of several factors in EU Towers over the past three years
** It says that key catalysts would be contract terminations and negotiations in Spain and Italy reaching a conclusion that would help investors quantify contract renewal risk
** The broker upgrades both Spain's Cellnex CLNX.MC and Italy's Inwit INWT.MI to "overweight" from "equalweight" as it sees renewal risk more than priced in
** "We could see Cellnex return €2bn/year via dividends/buybacks from 2027-30e, or >40% of the current market capitalisation", it adds
** Barclays also notes that visbility is improving for Inwit as there are early signs that visibility may gradually improve in Italy's tower sector
** Cellnex shares are up around 1.5%, top of IBEX 35 index, while Inwit shares are up around 2.0%
(Reporting by Tiago Brandao)