BUZZ-Deutsche Telekom: Barclays downgrades on German cashflow concerns

** Barclays downgrades Deutsche Telekom "equalweight" from "over weight", cuts PT by 14% to 16 euros

** Sees slowdown in German operating free cash flow (OpFCF)growth

**Co's core German telecom business has guided for adj.2018 EBITDA growth of EUR 200 mln, i.e. +2%, a slowdown vs the+4% posted in Q4 and below broker's pre-results expectations

**Analyst says capex guidance will be stable but rising inother divisions, such as T-Systems solutions. Also points toaccelerated cell sites roll-out

** Says DTE has entered JV with EWE AG in which it willinvest EUR 1 bln to roll out fibre to the home (FTTH) in northwestern Germany - capital intensity will remain elevated

** Co sees revenue guidance for 2018 "stable" vs "slightincrease" guided before

** Barclays says there is strong momentum and optionality inthe U.S., citing T-Mobile growth prospects remain positive

** But cites reduced M&A options and says cable operators donot seem to be considering fixed/mobile deals for now

** Barclays says DTE shares inexpensive but so is the sectorand it sees better value in its peers Vodafone andOrange, both "overweight"