Barclays restarts Orange at 'equal weight' with value hinging on longer-term market repair
BUZZ-Barclays restarts Orange at 'equal weight' with value hinging on longer-term market repair ** Barclays reinstates coverage of Orange ORAN.PA at "equal weight", sensing any value creation is likely to take time
** "We view the progress in French consolidation positively and see an elevated probability of approval with limited remedies. Still, given the price offered, we see upside when/if market repair materialises, which would take time," broker says
** Barclays expects the MasOrange acquisition to drive faster growth than Orange's French assets and positively views a potential stake in Altice SFR, although it notes the proposed price already reflects any expected operational and financial benefits
** Brokerage sets a €17 PT, with the stock up 23.3% year-to-date to €17.51 at Tuesday’s close
** Out of 18 analysts that cover Orange, ten rate the stock "strong buy" or "buy" and eight rate it "hold" - LSEG data
(Reporting by Jakob Van Calster)