UBS reiterates its sell recommendation on the share and leaves its price target unchanged at 115 pence.

UBS stresses the risk of a fall in corporate EBITDA, but points to a longer-term tax advantage thanks to changes in the UK budget.

' The stock benefits from a tax advantage due to UK budget changes' says the analyst firm.

' The share price is very high, but we shouldn't forget that the TalkTalk merger and acquisition risk is neglected ' adds UBS.

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