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BUZZ-Telefonica Deutschland: CS cuts to "underperform"

Reuters - UK Focus

** Credit Suisse (IOB: 0QP5.IL - news) downgrades German telco Telefonica (LSE: 826858.L - news) Deutschland to "underperform" from "neutral", cuts PT by 26 pct to EUR 3.1

** CS sees co as relatively poorly positioned to capture growth for mobile data usage in Germany given lower capex and lower network quality

** CS notes that Telefonica Deutschland scores below Deutsche Telekom (IOB: 0MPH.IL - news) and Vodafone on several network tests and the gap is widening on some tests

** The broker expects to see co's own-brand mobile service revenue decline in 2019