GVC Gaesco Downgrades Telefónica to Neutral Rating

08:36 AM EDT, 07/23/2026 (MT Newswires) -- GVC Gaesco Valores on Thursday downgraded Spanish telecommunications company Telefónica (TEF.MC) to neutral from buy, while maintaining its price target at 4.5 euros. (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)