BUZZ-European Telecoms: Barclays still bullish
** Barclays (LSE: BARC.L - news) reiterates positive view for European telecoms
** Cites combination of defensiveness, FCF growth and attractive valuation (18E 6.5% FCF yield)
** For 2018, broker sees positive revenue and EBITDA growth across majority of companies and says regulatory drag falls
** Barclays expects continued high-end average revenue per user (ARPU) growth driven by "more for more" pricing initiative on the consumer side, offsetting enterprise weakness
** "We model 2018E service revenues +1.5% vs +1% in 2017E, and note that our mobile forecasts incorporate more competition in some markets (Italy) and continued enterprise weakness"
** Barclays raises Vodafone to "overweight"
** KPN (Amsterdam: KPN.AS - news) : broker cuts to "equal-weight", citing a strong performance since 2Q17, some cost savings and the recently appointed CEO, Maximo Ibarra, who came with a strong track record from Wind