BT Group PLC (LSE:BT.A) offers a "low probability" of any more positive surprises in the near future after new boss Allison Kirkby's maiden update provided a boost, according to Deutsche Bank.
As well as noting the new CEO's quote from last month that she "'loves to squeeze the shorts" (referring to bets against the company by hedge funds), analyst Robert Grindle said he hiked his target price to 140p from 130p after Kirkby made an impact with her first set of results.
While there was "caution around the near term", the analyst said, with the EBITDA outlook not as high as expected and "more realism around Openreach", Kirkby's capex boost and small dividend raise alongside a mid and longer-term free cash flow outlook were well received.
However, "further positive surprises after the recent flurry would seem to have a low probability", the analyst concluded, with the market still highly uncertain about competitive pressure from 'alt-net' rivals.
'Hold' remained Deutsche's rating.