BT Group's shares have the "potential to re-rate further", according to Credit Suisse, which added the stock to its 'Europe Focus List'.The bank repeated its 'outperform' recommendation and 440p target price for the shares, saying it bullish outlook for the company remains intact after the recent Ofcom ruling.Ofcom said that BT can continue to set its wholesale fibre price, which means it can sustain a price premium for its fibre-to-the-cabinet (FTTC) product BT Infinity, while demand continues to rise.Credit Suisse said the next auction for Premier League rights "remains a risk" given that BT is likely to pay "substantially more [than another bidder] to keeps its existing two packs".However, it said that the recent Ofcom fibre ruling means that BT should be able to pass higher content costs on to customers. The bank also believes that BT should be able to cut operating expenditure by around £100-150m per annum, which will be another way of offsetting the extra costs.On a separate note, Credit Suisse said that while the next pension review may confirm a higher deficit of £5-6bn, this may be the "peak".BT was trading 0.7% higher at 383.82p by 10:07 on Thursday.BC