New Street: BT (Buy, 235p, +49%) Was Neutral, 225p Upgrade to Buy: A more benign FTTP landscape now more likely
In June, we downgraded BT to Neutral, as along with the valuation, our major concern then was the threat of rising network competition. We now upgrade back to Buy, as we believe the approval by Ofcom of the new Equinox FTTP pricing, combined with management confidence on financial targets and longer-term reduced FTTP build costs are very supportive for the equity story. Drahi still lurks in the wings which could also add a bit of extra spice.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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