After meeting with French telecom management teams in April, Goldman Sachs analyst Andrew Lee believes French competition "has at last abated." In recent months, promotional pricing and some headline pricing have risen, Lee tells investors in a research note. Further, the analyst believes that while consolidation hope is down, the potential for deals is "not out." He highlights Altice NV (ALLVF), Orange (ORAN) and Bouygues (BOUYF) as "cleaner ways to play the market improvement and consolidation optionality." Lee reinstated coverage of Altice with a Buy rating and EUR 3.60 price target, upgraded Bouygues to Buy from Neutral, and reiterates a Conviction Buy on shares of Orange. He believes the "competitive truce" in France telecom services has created an "attractive opportunity."

JPMorgan raised the firm's price target on Orange to EUR 14.30 from EUR 14.20 and keeps an Overweight rating on the shares.

Barclays lowered the firm's price target on Orange to EUR 14 from EUR 14.50 and keeps an Overweight rating on the shares.