Eutelsat shares fell sharply on the Paris Bourse on Friday, in the wake of a negative opinion from Deutsche Bank, which considers the communications satellite operator's short-term visibility to be limited.

At around 9:30 a.m., Eutelsat was the third biggest decliner on the SBF 120 index, down 3.8%, heading back towards its all-time lows.

This morning, Deutsche Bank's analysts downgraded their recommendation on the stock from 'hold' to 'sell', with a price target lowered from four to three euros.

Although it sees long-term growth opportunities in the merger with OneWeb, the research firm attributes the recent profit warning to a phase of substantial investment, which has considerably increased debt and will, in its view, penalize the group's cash flow.

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