UBS reiterates its buy recommendation on the stock, with an unchanged target price of E12.7, representing a potential upside of 18%.

' Orange is one of the most defensive companies in the telecoms sector, with two key catalysts for 2024: stabilization of EBITDAaL in France and consolidation in Spain', says the analyst firm.

For 2024, Orange aims to achieve, in particular, on the current scope of consolidation, slightly growing EBITDAaL and organic cash flow of at least 3.8 billion euros.

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