UPDATE: Bank of America Upgrades BT Group to Buy on Turnaround Situation

In a report published Friday, Bank of America analyst Wilton Fry upgraded the rating on BT Group BT from Neutral to Buy, and raised the price target from $41.64 to $50.22. In the report, Fry noted, “BT has been a turnaround situation, centred on FCF in its Global Services division and defending traditional revs against competition. BT has reduced headcount, driving efficiency (and cash) through the business. With fibre deployment accelerating (and take-up to be helped by BT Sport), copper lines growing, a healthy order book in both GS and Wholesale, and mobile spectrum to differentiate its products, BT now looks to be within striking distance of its ambition to return to top line growth.” BT Group closed on Thursday at $42.45.