'All good, but all priced in' - Kepler cuts Orange after share rally

Orange SA

09/03/2026 07:35

** Kepler Cheuvreux cuts Orange  ORAN.PA to "hold" from "buy", citing an "impressive" share price performance over the last 15 months that has bridged the historical discount to the sector

** Between Jan. 1, 2025 and Friday's session's end, Orange shares rose about 80% - LSEG data

**"All good, but all priced in as well," Kepler notes as it sees limited upside even if the French telecom group remains a solid player with a decent outlook

** The broker says it spots “better value in other names exposed to consolidation”, if it factors in cross-European M&A

** Kepler raises its PT by 17.6% to EUR 18, around the last closing price of EUR 17.48

** Out of 20 analysts covering Orange, 12 rate it "strong buy"/"buy,"​ and eight "hold" - LSEG data

(Reporting by Jakob Van Calster)

((jakob.vancalster@thomsonreuters.com))