ANALYSTS' TARGET PRICES

Weekly update 24/2/2020

Bank Recommendation Target price (€) Latest public research Latest change of financial estimates
Ahorro Corporación Buy 7.63 21/2/2020 21/2/2020
Alantra Buy 7.5 21/2/2020 21/2/2020
Arete Sell 5.3 10/2/2020 10/2/2020
Barclays Overweight 8.30 24/2/2020 24/2/2020
BBVA Market Perform 7.60 1/8/2019 1/8/2019
Berenberg Bank Hold 7.4 10/2/2020 10/2/2020
BofAML Neutral 7.7 20/2/2020 20/2/2020
CaixaBank BPI Buy 8.40 25/11/2019 25/11/2019
Citi Buy 13.00 15/1/2019 15/1/2019
Credit Suisse Outperform 8.15 21/2/2020 21/2/2020
Deutsche Bank Buy 10.60 17/2/2020 17/2/2020
Exane BNP Paribas Neutral 6.8 24/1/2020 24/1/2020
Fidentiis Buy 9.55 21/2/2020 21/2/2020
Goldman Sachs Neutral 7.3 20/2/2020 20/2/2020
GVC Gaesco Beka Accumulate 7.70 16/12/2019 16/12/2019
HSBC Hold 7.50 29/11/2019 29/11/2019
JB Capital Markets Buy 7.8 21/2/2020 21/2/2020
Jefferies Buy 7.90 4/2/2020 4/2/2020
JP Morgan Underweight 5.60 6/2/2020 6/2/2020
Kepler Cheuvreux Reduce 5.7 10/2/2020 10/2/2020
Mirabaud Hold 7.27 6/2/2020 6/2/2020
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 - 24/2/2020 24/2/2020
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 4/2/2020 4/2/2020

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.