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Investing.com - JPMorgan has upgraded Eutelsat Communications SA (EPA:ETL) (OTC:EUTLF) from Underweight to Neutral, while lowering its price target to EUR1.90 from EUR2.80.
The upgrade comes after Eutelsat shares have declined approximately 80% since JPMorgan’s initial downgrade in 2022, when the satellite operator announced its acquisition of OneWeb.
JPMorgan initially downgraded the stock due to concerns about Eutelsat’s strategic pivot into low Earth orbit (LEO) satellite operations through the OneWeb acquisition.
The investment bank had expressed skepticism that the LEO strategy would prove effective or deliver the growth acceleration that Eutelsat management had projected.
Despite maintaining concerns that forecast risks remain "skewed to the downside," JPMorgan believes the significant share price decline and Eutelsat’s current plans for a €1.5 billion rights issue have limited the near-term downside potential for the stock.
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