04:55 AM EDT, 05/10/2024 (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 Buy opinion on Telefonica ( TEF ) with the same 12-month target price of US$4.50. This implies a 2024 consensus EV/EBITDA of 5.3x, which is within its historical trading band between 5x and 6x, and a discount to the peer average of ~6x. Q1 2024 organic revenue grew 0.9%. Service revenues grew 2.3% with 61% of revenues coming from the residential market, 22% from B2B, and the remaining from wholesale. Q1 2024 underlying EBITDA grew 1.9% organically mainly driven by Brazil and Germany. In the quarter, Spain grew slightly (+0.2%, with higher revenue and cost savings from its redundancy plan) and continued growth in Germany (5.0%). The U.K. JV also saw 3.3% improvement in EBITDA from higher service revenue partially offset by B2B headwinds. Our 2024 EPS estimate is EUR0.31 (from EUR0.33) and our 2025 EPS estimate is EUR0.34 (from EUR0.33).