09:15 AM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our target price of USD13, which implies a 2024 consensus EV/EBITDA of 5.6x, comparable to its historical EV/EBITDA level of around 5x. We think the valuation is fair as it balances Orange's improving EBITDA margin with macroeconomic headwinds. Orange's Q1 2024 revenue rose 2.1% like-for-like, driven by growth in retail services through all regions the Group operates in. Q1 2024 EBITDA after Leases (EBITDAaL) increased 2.3% to EUR2,406 million, excluding the Spanish operations that were spun off into a joint venture in March, within our expectation. We expect EBITDAaL to maintain momentum from later in 2023 to help the company reach its targeted growth in EBITDAaL in 2024. We adjust our 2024 and 2025 EPS estimates to EUR1.00 from EUR1.15 and to EUR1.15 from EUR1.25, respectively. We retain our Buy opinion on Orange's strong earnings record and attractive (~7%) dividend yield.