Oddo BHF reaffirms its 'outperform' rating and 12 euro price target on Orange ahead of the telecom operator's business update, expecting 'some improvement in the third quarter of 2023', but warning that 'OBS and wholesale still weigh'

The research firm forecasts organic sales growth of 2.2% in the third quarter of 2023 to 1,147 million euros, still driven by Africa (+12% on a comparable basis) and Europe excluding France (Poland, Spain).

Oddo BHF remains 'cautious on the corporate business, despite the new management in place which has launched an in-depth restructuring', but believes that the 2023 targets (1.1% EBITDAaL growth, FCF to 3.5 billion euros) should be confirmed.

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