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BUZZ-European Telcos: Rally is warranted - DB

Reuters - UK Focus

** Deutsche Bank (IOB: 0H7D.IL - news) says growth should pick up in the European telecom services sector from Q4 and advises to buy telcos ahead of an overdue rally

** "...Telco valuations and relative earnings potential are now such that a rally is warranted," it says

** DB adds that there is little in share prices for M&A, the end of mobile regulation or a handset replacement cycle recovery

** The broker upgrades Altice (Other OTC: ATSVF - news) to "buy" post recent weakness and buyback commencement, it also ups Telenor (EUREX: 1160189.EX - news) to "hold"

** DB cuts Telia to "sell", however, citing among others co's negative earnings momentum and expensive valuation

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** DB's top picks: Telenet (LSE: 0GAF.L - news) , TEF, VOD , KPN (Amsterdam: KPN.AS - news) , Liberty Global (Frankfurt: A1W0FL - news)

** DB's least preferred cos include: BT, Elisa (EUREX: 813397.EX - news) , Telia, and Proximus (LSE: 0DPU.L - news)