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BUZZ-Deutsche Telekom: Barclays downgrades on German cashflow concerns

** Barclays (LSE: BARC.L - news) downgrades Deutsche Telekom (IOB: 0MPH.IL - news) "equal weight" from "over weight", cuts PT by 14% to 16 euros

** Sees (Shanghai: 600481.SS - news) 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 in other divisions, such as T-Systems solutions. Also points to accelerated cell sites roll-out

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

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

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

** But cites reduced M&A options and says cable operators do not seem to be considering fixed/mobile deals for now

** Barclays says DTE shares inexpensive but so is the sector and it sees better value in its peers Vodafone and Orange (LSE: 0OQV.L - news) , both "overweight"