Berenberg Updates Telefónica Forecasts Ahead of Q2 Results

08:15 AM EDT, 07/24/2026 (MT Newswires) -- Berenberg revised its Telefónica (TEF.MC) forecasts ahead of the Spanish telecommunications company's second-quarter results due to be published on July 28. "At the results, we do not expect major changes to geographical trends: Spanish growth looks mild but steady; Brazilian growth is strong at mid- to high-single-digits in local currency and could be boosted in euro-terms by a strong Brazilian real; but Germany could again be the weakest link as we expect revenue and EBITDA to fall by 8-9%," the research firm said Friday. As a result, Berenberg lowered its EPS forecasts for 2026 through 2028, citing higher restructuring charges alongside estimate changes. Sales and EBITDA estimates across the three-year period were also cut. The stock's hold rating and price target of 3.50 euros were maintained.