Eutelsat: share price falls, Deutsche Bank downgrades
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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