Following the announcement of an exit from the bank, which Oddo BHF considers 'slightly positive' and 'at a reasonable cost', Oddo BHF maintains its 'outperform' rating and 12-euro price target on Orange, given the stock's discount to the sector.

'Orange is gradually resolving its problems', believes the analyst, who thinks the telecoms operator should report improved growth in the second quarter thanks to price increases in France.

In September, the European Commission is expected to give its opinion on the merger in Spain; we continue to believe that a green light is likely in return for a transfer of brands and cheap network access to a third party", he continues.

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