The possible consolidation of European telecoms drives the sector-and Telefonica-upwards

Cellnex, Masmovil y Telefonica, among top picks in the European telecoms sector

Morgan Stanley | We reviewed the European telecoms sector where we thought, confronted by an environment where there have been numerous profit warnings in the global technology sector (Ericsson, Hexagone, Netflix, Software AG, Tieto), together with our global recommendation downgrade from RV to UW, that the telecoms are well positioned to offer a better performance than seen in Q418.