Orange hit by SocGen downgrade

|About: Orange (ORAN)|By:, SA News Editor

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.