Andrew Lee Reiterates Buy Rating on Improved Core-Market Momentum, Stronger Spain Performance, and Solid Cash Flow Supporting 2026 Guidance

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2026.05.15 18:25
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Analyst Andrew Lee of Goldman Sachs maintains a Buy rating on Telefonica with a price target of €4.50, citing improved core-market momentum and strong performance in Spain. The company shows solid revenue and EBITDA growth, particularly in Spain, and a positive outlook for Brazil and Germany. Free cash flow exceeded expectations, supporting 2026 guidance and potential upward revisions to EBITDA estimates.