Zacks Investment Research upgraded shares of Orange (ORAN) from UNDERPERFORM to OUTPERFORM on December 20, 2013, with a target price of $15.00.
We upgrade our recommendation on Orange to Outperform based on a positive estimate revision in the company's earnings for 2013. Despite a dismal third quarter performance, the company's efforts toward driving up 4G expansion to support wireless growth in France and other key regions has uplifted its market position among European wireless operators , compelling a positive outlook. Further, its agreement with Renault and influx of capital from the disposal of Orange Dominicana would ensure financial fluidity to as to carry forward infrastructural development plans. Moreover, Orange is driving substantial growth across Africa and the Middle East, which contributes nearly one-third of its total customer base. Over the long term, we foresee Orange to largely benefit from the growth in mobile data business, driven by LTE network expansion that fosters the positive outlook on the company.
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