UBS analyst Polo Tang downgraded Swisscom (SCMWY) to Neutral from Buy with a price target of CHF 735, up from CHF 680. While the firm remains “constructive on the story” and sees scope for both the Swiss and Italian markets to see improving trends amid easing promotional activity with rising prices, the analyst cites the “notable” 40% re-rating of the shares for the downgrade.
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