ANALYSTS' TARGET PRICES

Weekly update 16/5/2018

Bank Recommendation Target price (€) Last research with update of target price Last change of financial estimates
Alantra Equities Neutral 8.55 27/4/2018 27/4/2018
Ahorro Corporación Buy 10.69 22/2/2018 26/1/2017
Arete Negative 7.70 16/1/2018 16/1/2018
Barclays Capital Equal weight 9.60 8/5/2018 8/5/2018
Bernstein Underperform 6.95 5/4/2018 5/4/2018
BBVA Research Outperform 9.70 9/5/2018 9/5/2018
Berenberg Bank Buy 11.00 13/3/2018 29/1/2018
BofAML Buy 11.60 26/4/2018 26/4/2018
CaixaBank BPI Neutral 10.80 28/7/2017 28/7/2017
Citi Buy 13.00 1/5/2018 1/5/2018
Credit Suisse Neutral 9.25 19/4/2018 26/2/2018
Deutsche Bank Buy 11.50 23/4/2018 23/4/2018
Exane BNP Paribas Neutral 8.70 4/4/2018 7/3/2018
Fidentiis Buy 11.75 24/4/2018 24/4/2018
Goldman Sachs Buy 9.50 26/4/2018 26/4/2018
GVC Gaesco Beka Buy 11.00 6/2/2018 6/2/2018
Haitong Securities Sell 7.30 7/12/2017 7/12/2017
HSBC Hold 9.00 30/1/2018 30/1/2018
JB Capital Markets Neutral 8.50 26/4/2018 13/4/2018
Jefferies Hold 8.40 20/4/2018 20/4/2018
JP Morgan Cazenove Neutral 9.00 16/4/2018 16/4/2018
Kepler Cheuvreux Hold 8.50 11/5/2018 11/5/2018
Macquarie Research Outperform 10.20 6/4/2018 6/4/2018
Mirabaud Hold 8.30 1/2/2018 1/2/2018
Morgan Stanley Equal weight 10.00 26/4/2018 9/4/2018
Natixis Neutral 9.00 27/4/2018 23/2/2018
New Street Research Reduce 6.50 26/4/2018 26/4/2018
Oddo Securities Buy 12.30 12/5/2017 2/3/2017
Raymond James Outperform 9.60 17/1/2018 17/1/2018
RBC Capital Markets Underperform 8.40 26/4/2018 26/4/2018
Renta 4 Overweight 11.40 26/10/2016 31/3/2016
Redburn Neutral n.a. 19/4/2018 19/4/2018
Sabadell Buy 10.10 14/2/2018 14/2/2018
Santander Buy 11.00 11/5/2018 11/5/2018
Societe Generale Hold 8.00 27/7/2017 6/12/2016
UBS Buy 10.00 26/4/2018 6/12/2017

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.