NOS rises as brokers signal confidence amid solid market trends

Nos SGPS SA

07/07/2023 11:42

** Shares in NOS  NOS.LS  rise more than 4% as brokerages
give upbeat comments on the Portuguese telecom and media group's
near-term trends
    ** "The reason behind NOS' rise today is both Barclays
increase in the target price and Santander's upgrade from
neutral to outperformance, without changing the target price,"
an analyst from Intermoney Valores says
    ** The same analyst notes NOS's shares had been on a
constant decline since April without a definite reason, having
lost 33% of their value
    ** Reuters could not immediately confirm the rating upgrade
from Santander
    ** In a note to clients, Barclays flags solid trends ahead
but cautions the "healthy" telecom market of looming new entrant
Digi
    ** It raises estimates for NOS to reflect strong Q1 trends
and the fact Digi is only expected to impact the market in
mid-2024, after its planned 2023 launch was postponed
    ** It raises price target by 35% to 3.50 euros
    ** In a separate note, Deutsche Bank says NOS's consumer
trends "continue to hold up well in a relatively benign market
environment", keeping a "hold" rating
    ** Out of 15 analysts that cover NOS, five rate the stock
"strong buy" or "buy", seven "hold", and three "strong sell" or
"sell" - Refinitiv data

 (Reporting by Maria Luiza Amaral)
 ((mia.amaral@thomsonreuters.com; +48 58 769 66 00;))