The operation of the State Society of Industrial Participations (SEPI) about Telephone has been well received by the market. Not only does the value rise this Tuesday on the Ibex, but analysts also value positively that the Government, through this organization, has already achieved a 3% share in the company, thus becoming a significant shareholder. The SEPI announced this Monday, after the market closed, that it had acquired Telefónica shares equivalent to 3.044% of the capital, so it was not until today that the news was listed on the stock market. This is a first step, and it is expected that this organization will continue to increase its participation in telecom, especially taking into account that last December The Council of Ministers approved instructing SEPI to buy 10% of the capital of the operator. At the same time, CaixaBank also reported that it has shed 1%, thus lowering its participation to 2.51%, while Criteria is increasing its position. The objective is for the joint participation to be above 5%, although right now it is at 5.07%. According to Renta 4 experts, the operation reported by SEPI «reinforces the 'Spanishness' of Telefónica, as it is also represented, by CaixaBanklargest shareholder (5.07%) including Criteria (2.56%) and BBVA (4.839%)». «We believe that SEPI will continue buying securities on the market to continue building its participation up to 10%, a support that we consider key for Telefónica's price in the coming months,» they defend from this firm. These experts, in fact, maintain the target price they give to the company's securities, of 4.6 euros, and their advice of 'overweight'.
BERENBERG RAISES THE PRICE
For their part, Berenberg strategists published a report this Tuesday in which They raise the target price they give to Telefónica securities up to 3.90 euros, from the previous 3.30 euros, and reiterate their advice to 'hold'. «With Telefónica Spain achieving continued revenue growth, a return to Ebitda growth and lower capital spending, we expect it to have a good 2024, financially,» explain the German firm's analysts. However, they also point out that The reasons for this improvement in Ebitda «are unique in natureand after this year we believe that the long-term trend of margin dilution will resume, and the division may also face the risk of a reduction in Digi's wholesale revenue.» Technically, as explained by the 'BitcoinDynamic' expert César Nuez, Telefónica offers a very good appearance after managing to overcome the short-term resistance that it presents at 3,945 euros. Furthermore, he advises being attentive, because it is likely that in the next sessions we will be able to see a attack at the level of 4.38 euros.