Morgan Stanley | Emmet Kelly (analyst) believes Telefónica is a company to watch after a difficult decade and eagerly awaits the CMD on 4 November. Coming from the technology sector, he believes that the new CEO, Marc Murtra, could introduce significant changes in approach and sees scope for reducing debt, consolidating four-operator markets (Spain, Germany), and new revenue opportunities in Defence and Technology (data centres, apps).
Equal-Weight recommendation, from €4.60 to €5.
