BUZZ-1&1 Drillisch, United Internet: Hit 6-yr lows after outlook cut

(Updates share price, adds Commerzbank comment)

** Shares in 1&1 Drillisch and its parent United Internet drop 10.3% and 7.9% respectively by 0958 GMT after the German telecommunications companies trim their profit targets

** The market was unprepared for the outlook reduction, Commerzbank says, adding it expects the companies' share prices to remain volatile

** Fixed line subscription cancellations are also likely to receive scrutiny, especially given concerns that Vodafone and Telefonica's exclusive cable agreement could hurt 1&1, Commerzbank adds

** According to Jefferies, however, the guidance cut should not be seen as an issue since it results from regulatory effects and 5G network planning costs rather than slowing service revenues

** 1&1 is at the bottom of Germany's midcap MDAX index , while United Internet is the second-biggest decliner on both the MDAX and the STOXX 600 index