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Orange hit by SocGen downgrade

  • Following a 2014 rally that has seen shares rise 35% going into today, SocGen has downgraded Orange (ORAN -2.3%) to Hold.
  • Shares have been boosted by hopes for stabilizing French sales (hurt by intense price competition), possibly aided by mobile consolidation.
  • The downgrade comes a few days after Orange struck a deal with Africell to unload its stake in Orange Uganda. The carrier is reportedly looking to exit several African markets where it doesn't have a top-2 position.
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