JPMorgan downgraded KPN (KKPNY) to Neutral from Overweight with a price target of EUR 4.60, down from EUR 5. The firm adjusted ratings in the European telecom group as part of its 2026. While the sector’s revenue growth remains “lackluster,” cost cutting and declining capital intensity should support “healthy” earnings growth, the analyst tells investors in a research note. JPMorgan believes the “consolidation trade has much further to go.”
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