Cellnex is undervalued but there will be a better time to enter when rates drop: Equalweight (44 euros/share)


Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow.

That said, we are waiting for a better point of entry when the central banks begin to cut rates.

Cellnex, Equalweight, 44 euros. 

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