GS sees 'sustained growth step-up' for EU telcos in 2026

Sunrise Communications

09/01/2026 09:05

** Goldman Sachs reaffirms its bullish 2026 outlook for the European telecom sector, citing sustained growth potential in digital infrastructure

** Organic growth from fibre deregulation and concentrated mobile markets supports a "sustained growth step-up" not yet reflected in consensus, GS says, with British BT BT.L and Dutch KPN KPN.AS standing out

** "Inorganically, mobile consolidation remains a key upside catalyst," adding that operators are optimistic about receiving EU approval

** It cuts Spain's Cellnex CLNX.MC to "neutral" from "buy," citing uncertainties regarding the structural growth outlook for the towers sector and lack of near-term catalysts to reassure investors

** GS retains "buy" rating on Italian tower peer INWIT INWT.MI, noting a greater scope for positive catalysts after share underperformance

** It highlights BT, Tele2 TEL2b.ST, Telenor TEL.OL, Telia TELIA.ST and Deutsche Telekom DTEGn.DE as "buy" stocks, while Vodafone VOD.L, Sunrise SUNN.S and Swisscom SCMN.S as "sell" stocks

(Reporting by Marta Serafinko in Gdansk)

((gdansk.newsroom@thomsonreuters.com ; +48 58 769 66 00))