Orange resumed with an Outperform at Bernstein

Bernstein analyst Nick Lyall resumed coverage of Orange with an Outperform rating and EUR 13 price target. The company’s operations “are not the most dynamic,” but it offers “middle of the pack” cash flow growth, a well-covered 7% dividend yield and a balance sheet strong enough to absorb joint venture commitments, the analyst tells investors in a research note. The firm views the stock’s 20%-30% discount to the sector as “too harsh.”