ANALYSTS' TARGET PRICES

Weekly update 14/5/2019

Bank Recommendation Target price (€) Latest public research Latest change of financial estimates
Ahorro Corporación Buy 8.90 22/2/2019 22/2/2019
Alantra Neutral 8.04 29/4/2019 29/4/2019
Arete Negative 7.70 16/1/2018 16/1/2018
Barclays Equal weight 8.70 14/5/2019 14/5/2019
BBVA Outperform 8.70 22/11/2018 22/11/2018
Berenberg Hold 7.90 11/3/2019 11/3/2019
BofAML Buy 10.90 13/5/2019 13/5/2019
CaixaBank BPI Neutral 8.30 27/11/2018 27/11/2018
Citi Buy 13.00 15/1/2019 15/1/2019
Credit Suisse Neutral 8.50 18/4/2019 10/4/2019
Deutsche Bank Buy 10.30 3/5/2019 3/5/2019
Exane BNP Paribas Neutral 8.00 15/3/2019 15/3/2019
Fidentiis Buy 9.75 25/2/2019 25/2/2019
Goldman Sachs Neutral 8.10 26/2/2019 26/2/2019
GVC Gaesco Beka Buy 10.40 9/5/2019 9/5/2019
Haitong Sell 7.30 7/12/2017 7/12/2017
HSBC Hold 7.80 13/9/2018 13/9/2018
JB Capital Markets Neutral 7.60 12/2/2019 24/1/2019
Jefferies Buy 9.60 26/4/2019 26/4/2019
JP Morgan Underweight 6.60 25/4/2019 25/4/2019
Kepler Cheuvreux Reduce 6.70 10/5/2019 10/5/2019
Macquarie Research Neutral 8.00 20/3/2019 20/3/2019
Mirabaud Hold 7.90 24/10/2018 23/7/2018
Morgan Stanley Equal weight 9.00 6/12/2018 22/10/2018
Nau Securities Buy 9.00 29/4/2019 29/4/2019
New Street Buy 9.50 10/5/2019 10/5/2019
Oddo Buy 12.30 12/5/2017 2/3/2017
Redburn Neutral 7.60 26/4/2019 26/4/2019
Renta 4 Overweight 9.20 14/12/2018 14/12/2018
Sabadell Buy 9.00 1/4/2019 1/4/2019
Santander Buy 9.65 27/2/2019 27/2/2019
Societé Générale Hold 8.00 4/3/2019 4/3/2019
UBS Buy 9.10 18/2/2019 18/2/2019

DISCLAIMER: Telefónica is currently followed by the firms listed above; this list may not be complete and subject to change. Please note that any opinions, estimates or forecasts regarding Telefónica's performance made by the analysts at these firms are theirs alone and do not represent opinions, forecasts or predictions of Telefónica or its management. Telefónica does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts.

This data, that is not under the obligation to disclose information required by the Comisión Nacional del Mercado de Valores (CNMV), is provided as a courtesy and for convenience and informational purposes only and is not intended to imply any endorsement of or provide any investment advice. Telefónica does not warrant or guarantee, and has not taken any steps to verify, the adequacy, accuracy or completeness of this data or and, under no circumstances, will be liable for any inaccuracies, omissions or defects in or from any of this data, or for any actions taken in reliance on any such data or information.