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(Sharecast News) - Credit Suisse has upped the price target for BT Group shares, and reiterated its 'outperform' rating, after the telecoms group hiked its prices.
BT - which also owns mobile phone brand EE - confirmed earlier this month that landline, broadband, TV, sport and mobile bills will increase in line with inflation plus 3.9% from March 2020.
Credit Suisse said it was increasing the target price to 185p from 180p after upgrading 2023 earnings per share forecasts by 4% on the back of the move.
It raised full-year 2022-23 EBITDA by 0-1% "to reflect the impact of the consumer price increases. Full-year 2022-23 EPS estimates rise 1-4% and BT Group FY 22-23 normalised free cashflow forecasts rise 1-5%."
The bank said: "We reiterate our thesis of BT returning to EBITDA growth in 2022 as near-term Covid-19 impacts on global sports events and the UK economy reverse.
"We forecast a 1% BT Group EBITDA growth between 2020 and 2023 to £8.90bn, with consensus much too pessimistic, in our view, in forecasting a 4% decline over the same period."
As at 1300 BST, shares in the blue chip were up nearly 2% at 100.79p.
25 Aug 2023 11:15
IN BRIEF: BT non-executive director Jones buys USD100,000 in shares
BT Group PLC - London-based telecommunications provider - Non-Executive Director Maggie Chan Jones buys 70,000 shares at USD1.42, worth USD99,400, on Wednesday in New York.
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