VEON (VEON – Research Report), the Communication Services sector company, was revisited by a Wall Street analyst today. Analyst Matthew Harrigan from Benchmark Co. maintained a Buy rating on the stock and has a $60.00 price target.
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Matthew Harrigan has given his Buy rating due to a combination of factors that highlight VEON’s strong positioning and growth potential. VEON is strategically poised to capitalize on the increasing demand for digital services such as financial, healthcare, education, and entertainment apps, which distinguishes it from competitors in the U.S. and European markets. The company has shown resilience in the face of geopolitical challenges, including the conflict in Ukraine and political instability in Bangladesh, and stands to benefit from potential geopolitical improvements and macroeconomic factors like lower oil prices and interest rates.
Moreover, VEON’s ability to expand its revenue streams into adjacent markets, supported by a significant increase in smartphone penetration, underpins its growth strategy. The company’s financials are robust, with a conservative debt profile and substantial liquidity to cover upcoming maturities. Benchmark’s price target reflects VEON’s attractive valuation compared to its peers, emphasizing its potential for growth and cash flow generation even as it moderates capital expenditure in challenging markets. These factors collectively support Harrigan’s optimistic outlook on VEON’s stock.
According to TipRanks, Harrigan is an analyst with an average return of -1.9% and a 52.11% success rate. Harrigan covers the Communication Services sector, focusing on stocks such as Live Nation Entertainment, VEON, and Warner Bros.