Bernstein has begun coverage of Telefonica (TEF, Financial), assigning the telecommunications giant a Market Perform rating with a price target set at EUR 4. This follows significant changes in the company's shareholder structure and a reshuffle in its top management.
The investment firm noted that these developments have left Telefonica's equity story in a state of uncertainty. Bernstein emphasized that addressing the structural issues within the company will be crucial for the stock to regain momentum. Investors have been informed that resolving these underlying challenges is essential for any potential recovery in Telefonica's share price.
