PARIS, March 14 (Reuters) - Iliad shares extended a two-day decline early on Wednesday, as brokers cut their price targets on the telecoms group after its 2017 earnings missed market forecasts.
Iliad shares, which had slumped nearly 10 percent on Tuesday, were down another 2 percent at 174 euros in early session trading.
The stock had fallen 2.3 percent on March 12, a day before Iliad published results that missed analysts’ expectations due to losses related to its Italian launch plans.
Analysts at Credit Suisse cut their price target on Iliad to 170 euros from 190 euros, maintaining their “neutral” rating on the stock, while RBC analysts reduced their price target to 230 euros from 240 euros.
Iliad’s shares are down by around 13 percent since the start of 2018, underperforming a 7 percent decline in the STOXX Europe 600 Telecoms index. (Reporting by Sudip Kar-Gupta; Editing by Laurence Frost)