UBS reiterates its sell recommendation on the share with an unchanged target price of 100 pence, representing a potential downside of -25%.

' FCF is improving for now, but operational trends are deteriorating considerably' says UBS. Some short-term risks have been noted, in particular Openreach's losses, which will worsen, but FCF forecasts should be followed.

' Some short-term risks have been overlooked. The fourth quarter could be a repeat of the second quarter, as investors scrutinize trends.

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