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Renta 4 raises Cellnex's target price by 6% after its recent tower purchase

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Rent 4 redouble your bet for Cellnex. The private banking entity has raised the target price of the listed one to 47.5 euros per share, giving it a bullish potential of 16% from its current contribution levels. In turn, he reiterates the advice of 'overweight'. And all, after starring in a recent tower purchase.

Specifically, Renta 4 highlights the acquisitions of Cellnex towers in both the Spanish and Portuguese markets for "accelerate your long-term growth expectations. "

Renta 4 positively values ​​these operations that, in the Portuguese case, allow Cellnex to enter a new geography. In addition, the entity emphasizes that "the group still has room to leverage without damaging the financial structure, and the rating, given its high capacity to generate cash."

Regarding the potential of Cellnex, Renta 4 continues to see it constructively and in the long term "we continue to consider that the potential is very attractive given the foreseeable consolidation of the European telecommunications sector, the development of 5G and the growth already contracted in its acquisitions. "

MORGAN STANLEY ALSO BETS BY CELLNEX

The American investment colossus has not only reiterated the advice to 'overweight' the Spanish stock, it has also raised its target price from 45 euros to 49 euros per share. Morgan Stanley thus revises its forecasts upwards precisely pointing out as a catalyst the recent acquisition of towers carried out by the company.

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