Orange rallies on post-earnings Barclays upgrade


Barclays has upgraded Orange (ORAN +4.6%) to Equal Weight a day after the carrier posted market-pleasing Q1 results.

Shares are making fresh 52-week highs. They were already moving higher ahead of earnings on hopes of French mobile consolidation.

Thanks in large part to declining French revenue (causes by price pressure and weakening voice/SMS activity), Orange's total revenue fell 4.6% Y/Y in Q1. But that figure was smaller than Q4's 6.4%, and Orange sounded optimistic French price pressures would soften. "I feel quite confident that the market is going to cool down," said Orange France chief Delphine Ernotte.

At the same time, Orange has cautioned 2H results could be pressured by the EU's efforts to end intra-continental roaming fees.

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