UBS reiterates its 'Sell' recommendation on the BT stock, with an unchanged target price of 120 pence following the announcement of results for FY ended 31 March 2025.

Higher capital expenditure and cost reductions could weigh on revenues. Although the forecasts remain unchanged, we do not believe they reflect any significant short-term risks, UBS said.

The group reported a profit after tax of £1,054m, up 23%, with EPS of 10.8 pence (+24%) for the year. Revenue was £20.35bn, down 2% from the previous year.


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