Oddo BHF reaffirms its 'outperform' rating on Deutsche Telekom and raises its target price from 24 to 25.5 euros, believing that T-Mobile US (TMUS), which published its quarterly results on Thursday evening, will still carry the German operator into 2024.

TMUS accounts for 80% of Deutsche Telekom Group's consolidated FCF and 95-100% of FCF growth", the research firm points out, estimating that "T-Mobile will contribute a further 16-19% of FCF in 2024".

The analyst justifies his target increase by a still high T-Mobile share price (+4% over one month) and a slightly better dollar than in his previous statement, as well as by new T-Mobile forecasts at the end of the last quarter of 2023.

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