Berenberg Lowers Call on Telia, Flags Valuation Despite Higher Price Target
Berenberg has downgraded Telia Company AB from "hold" to "sell" even as it raised its price target to SEK40 from SEK31. Telia's shares closed at SEK51.68 on the Stockholm exchange, implying about 23% downside to the new target and prompting a drop of just over 3% on Monday. The broker cited elevated valuation after a near-doubling in the share pric…