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Investing.com - Deutsche Bank (ETR:DBKGn) raised its price target on Airtel Africa (LON:AAF) to GBP2.80 from GBP2.40 on Tuesday, while maintaining a Buy rating on the stock.
The price target increase follows Airtel Africa’s detailed first-quarter fiscal year 2026 results released last Thursday, which prompted Deutsche Bank to upgrade its forecasts by 17%.
Deutsche Bank noted that Airtel Africa performed better than expected in local currency terms during the quarter, while also experiencing significantly lower foreign exchange headwinds to its U.S. dollar financials.
The telecommunications company had stated it was "very encouraged by the more stable macro environment, which resulted in strong reported currency performance."
Deutsche Bank has consequently upgraded its EBITDA forecasts for the three years to fiscal year 2028 by an average of 5%, while its equity free cash flow projections were increased by an average of 14%.
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