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Cellularline: Buy Rating Reiterated as Operational Strength Supports Unchanged €3.9 Price Target

Cellularline: Buy Rating Reiterated as Operational Strength Supports Unchanged €3.9 Price Target

In a report released yesterday, Gabriele Berti from Intesa Sanpaolo reiterated a Buy rating on Cellularline SpA, with a price target of €3.90.

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Gabriele Berti has given his Buy rating due to a combination of factors that highlight both operational resilience and financial strength. Cellularline’s first-quarter results showed stable revenues with improving margins, better product and channel mix, and tighter cost control, which together supported higher adjusted profitability and stronger cash generation while leverage continued to decline.

In addition, the company is benefiting from a stronger domestic performance in Italy, targeted commercial initiatives to broaden its customer reach, and potential tailwinds from new EU rules that may boost demand for accessories, all under a management team that has been confirmed to execute the 2026–2029 plan. Given these fundamentals, and with the EUR 3.9 price target left unchanged, Berti views the shares as still trading below their intrinsic value and therefore reiterates a Buy recommendation.

CELL’s price has also changed moderately for the past six months – from EUR2.520 to EUR2.250, which is a -10.71% drop .

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