ANALYSTS' TARGET PRICES

Weekly update 13/12/2019

Bank Recommendation Target price (€) Latest public research Latest change of financial estimates
Ahorro Corporación Buy 8.90 22/2/2019 22/2/2019
Alantra Buy 7.85 6/11/2019 6/11/2019
Arete Negative 7.70 16/1/2018 16/1/2018
Barclays Overweight 8.80 2/12/2019 2/12/2019
BBVA Market Perform 7.60 1/8/2019 1/8/2019
Berenberg Bank Hold 7.80 25/11/2019 25/11/2019
BofAML Neutral 7.90 11/12/2019 11/12/2019
CaixaBank BPI Buy 8.40 25/11/2019 25/11/2019
Citi Buy 13.00 15/1/2019 15/1/2019
Credit Suisse Outperform 8.50 11/11/2019 11/11/2019
Deutsche Bank Buy 10.30 6/11/2019 6/11/2019
Exane BNP Paribas Neutral 6.80 25/11/2019 25/11/2019
Fidentiis Buy 9.55 10/12/2019 10/12/2019
Goldman Sachs Neutral 7.80 8/11/2019 8/11/2019
GVC Gaesco Beka Buy 10.40 9/5/2019 9/5/2019
HSBC Hold 7.50 29/11/2019 29/11/2019
JB Capital Markets Neutral 7.60 12/2/2019 24/1/2019
Jefferies Buy 8.10 20/8/2019 20/8/2019
JP Morgan Underweight 5.90 6/11/2019 6/11/2019
Kepler Cheuvreux Reduce 6.00 5/11/2019 5/11/2019
Mirabaud Hold 7.24 5/11/2019 5/11/2019
Morgan Stanley Equal weight 8.00 17/10/2019 17/10/2019
Nau Securities Buy 9.00 29/4/2019 29/4/2019
New Street Buy 9.50 3/10/2019 3/10/2019
Redburn Neutral - 5/11/2019 5/11/2019
Renta 4 Outperform 7.40 5/11/2019 5/11/2019
Sabadell Buy 8.50 2/10/2019 2/10/2019
Santander Buy 9.65 22/11/2019 22/11/2019
Societé Générale Hold 8.00 4/3/2019 4/3/2019
UBS Neutral 6.40 18/11/2019 18/11/2019

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.