UBS reaffirms its 'sell' recommendation on BT Group with a price target maintained at 115 pence, representing a potential downside of 14% for the share of the UK's incumbent telecoms operator, going back on comments made by the CFO regarding Openreach.

'The sale of a stake in Openreach is unlikely. Openreach is doing well with what it can control, but broadband line losses are likely to continue and risks remain', says the broker in the summary of its note.

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