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Investing.com - CFRA upgraded Telenor ASA (OTC:TELNY) from Hold to Buy and raised its price target to NOK180.00 from NOK160.00, citing the company’s attractive dividend yield and business reorganization.
The research firm believes Telenor deserves a premium to its historical average multiple of approximately 6.5x as it reorganizes its portfolio, with the new target representing 9.3x 2026 consensus EV/EBITDA.
CFRA projects low single-digit revenue growth and stronger EBITDA growth for Telenor in 2025 and 2026, noting the company recently raised its EBITDA growth outlook for 2025 following strong results.
Telenor management now expects high single-digit EBITDA growth while maintaining its other guidance metrics, according to CFRA’s analysis.
The upgrade reflects CFRA’s positive outlook for companies with attractive dividend yields that are relatively protected from uncertain geopolitical conditions.
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