Equities Analysts Show No Love for Telecom Stocks
With reduce or hold recommendation, equities analysts at Afrinvest Limited showed no love for telecommunication companies stocks listed on the Nigerian Exchange.
The investment firm estimates showed MTN Nigeria Plc stock has limited upside potential of 4% with 12 months target price of N2544.87 per share.
Airtel Africa Plc has no upside, according to Afrinvest Limited with target price estimated at N1988.87, suggesting the telco stock is already overpriced in the equities market.
Data from the Nigerian Exchange showed Airtel Africa Plc closed the week at a unit price of N2156.90 amidst share buyback programme from the London Stock Exchange.
Airtel Africa Plc has remained steady for month due to thin transactions record on the telecom stock, even after earnings release. Equities analysts see about 8% negative return in the telecom share, advised investors to reduce their exposure.
Meanwhile, analysts guide investors to go neutral on MTN Nigeria due to limited upside potential. The stock was down by more than 7% in the last seven trading session in the equities market. #Equities Analysts Show No Love for Telecom Stocks#
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