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© Reuters. Softbank ousts NTT as Citi’s top telecom sector pick
SoftBank (OTC:) is Citi’s new top telecom sector pick, analysts revealed on Thursday, lifting the firm’s price target on the stock to ¥2,100 (¥1 = $0.0071) from ¥1,900, maintaining a Buy rating.
The firm revised its forecasts for the stock following its recent earnings release.
The analysts stated that for FY23/24, they have lowered their OP forecast to ¥800bn from ¥880bn and their EPS forecast for SoftBank to ¥93 from ¥104.
“In line with the company’s new MTP, we foresee profit growth in both FY3/25 and FY3/26,” the analysts wrote.
“Accordingly, we raise our target price to ¥2,100 from ¥1,900. In addition, we project that SBC will achieve an FY3/24E dividend yield of 5.7% and a total return yield of 7.1 — exceeding the global telecom industry averages of 4.1% and 4.9%, respectively—on its robust FCF-generating ability,” they added.
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