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Fly News Breaks for January 15, 2020
ORAN
Jan 15, 2020 | 19:50 EDT
Goldman Sachs analyst Andrew Lee downgraded Orange SA to Neutral from Conviction Buy with a EUR 15 price target. The analyst notes that the company's current "inflationary period" is supporting its revenue growth and its EBITDA is being driven by cost-cutting, but he adds that its capital expenditures will not fall "meaningfully" in the near term. Lee adds that Orange's free cash flow to sales ratio is among the lowest in the sector, and free cash flow generation is expected to be limited in the near term.
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