Tuesday May 6, 01:19 PM
KPN "overweight," target price raised
By J.P. Morgan Securities
LONDON, May 6 (newratings.com) - Analysts at JP Morgan maintain their "overweight" rating on KPN (ticker: KPN (Amsterdam: KPN.AS - news) -EUR),
while reducing their estimates for the company. The target price has been raised from E14.30 to E14.50.
In a research note published this morning, the analysts mention that the company has issued its EPS guidance for 2009/2010 ahead of the consensus. Although the 1Q results were healthy, KPN's revenues continued to deteriorate in the quarter mainly due to limited usage growth and pressure on the outgoing voice yields, the analysts say. The EPS estimates for 2008 and 2009 have been reduced from E0.88 to E0.85 and from E1.03 to E1.02, respectively.
© 2008 New Ratings
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