On Friday, Deutsche Bank downgraded its recommendation on Eutelsat shares from 'hold' to 'sell', with a price target lowered from four to three euros.

In a research note published early this morning, the research firm considers that short-term visibility for the communications satellite operator remains 'limited'.

While it sees long-term growth opportunities in the merger with OneWeb, the research firm attributes the recent profit warning to a phase of substantial investment, which has considerably increased the company's debt and will, in its view, penalize cash flow generation.

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