UBS reiterates its 'buy' recommendation on Cellnex Telecom, as well as its price target of €41.1, a target that implies 23% upside potential for the telecom infrastructure group's shares.

In the summary of its research note, the broker looks back on the Spanish group's sale of its assets in Austria, highlighting the rationalization of its portfolio and progress in deleveraging.

With the focus now on share buyback capacity from mid-2025, UBS estimates that around 0.7 billion euros could be returned to shareholders over the second half of 2025 and the first half of 2026.

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