Afrinvest Limited has raised its target prices for telecom stocks, Airtel Africa and MTN Nigeria Plc., citing strong earnings expectations. In its latest stock recommendation report, the investment firm increased Airtel Africa’s target price to N3,458 per share from N1,988.87. Similarly, MTN Nigeria’s target price was revised upward to N304.26 from N254.87 per share.
“We have adjusted our 12-month target prices for Airtel Africa and MTN Nigeria to N3,458 (from N1,988.87) and N304.26 (from N254.87), respectively, reflecting their 2024/25 performance and our positive earnings outlook for the coming year,” Afrinvest stated.
The upward revision is driven by factors such as tariff adjustments in Nigeria, easing inflation across Sub-Saharan Africa, and currency stability in key markets.
While telecom stocks have experienced sell pressure, Airtel Africa’s share price has remained relatively stable due to limited transactions.
