New Street: MTN (Buy, TP: ZAR250, +103%) Thoughts after the pre-close update call
MTN held a pre-close update call this afternoon. In our view, messaging about Nigeria was positive but messaging about SA was more cautious and the company highlighted slower trends and pressure to the margins in Q4 in SA which may have contributed to weakness today (also a function of the resignation of the head of Eskom).
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