JPM cuts Cellnex on overhangs and better risk-reward elsewhere

Cellnex Telecom S.a

29/07/2025 12:13

** J.P.Morgan cuts Spanish mobile phone tower operator Cellnex CLNX.MC to "neutral" from "overweight" citing overhangs on its share price from US rates and sector consolidation

** It notes as well that the proceeds from Cellnex's expected asset sales might disappoint, adding it is worried whether it will get the +2 bln euros valuation hoped from Switzerland

** "We find catalysts lacking (anticipated asset sales may disappoint), overhangs plentiful (a wave of pan-European consolidation over the next 18 months)", it says

** Also, JPM adds its sees better 2025 risk-reward opportunities elsewhere in the sector, favoring Orange ORAN.PA and BT BT.L

(Reporting by Tiago Brandao)

((Tiago.Brandao@thomsonreuters.com;))