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BT upped to 'overweight' as Barclays highlights rapidly improving Openreach outlook

The bank also said derisked consensus estimates with an attractive valuation were also key reasons were taking a “more constructive view” on the stock

BT Group PLC - BT upped to 'overweight' as Barclays highlights rapidly improving Openreach outlook

BT Group PLC (LON:BT.A) has been upgraded to ‘overweight’ from ‘equal weight’ by analysts at Barclays as analysts highlighted a “rapidly improving outlook” for the company’s Openreach division and fibre-to-the-home (FTTH) operations.

In a note on Tuesday, the bank also increased its target price for the telecoms firm to 160p from 130p, adding that derisked consensus estimates with an attractive valuation were also key reasons were taking a “more constructive view” on the stock.

READ: BT is in private equity’s crosshairs but who else might be in the sniper’s lens?

The assessment may be both good news and bad news for BT, which is currently trying to avoid potential takeover moves following a slump in its share price over the last year.

BT’s shares picked up 1.4% to 104.9p in mid-morning trading.

Quick facts: BT Group PLC

Price: 121.3 GBX

LSE:BT.A
Market: LSE
Market Cap: £12.03 billion
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