Oddo BHF maintains its 'neutral' rating on Orange shares, with an unchanged target price of 11.5 euros.

At a time when malicious telephone calls are soaring (2/3 of French people are exposed to them at least once a week, according to a survey), and the effectiveness of the government's Bloctel system is proving disappointing, tomorrow Orange will launch 'Orange CyberSecure', a solution that will enable users to check, free of charge, whether a site/link/email/SMS... is malicious or not.

In addition, for 7 euros a month, this offer secures up to 10 items of equipment (computer, telephone, tablet, etc.) by blocking malicious actions or providing assistance to the user.

"A strong repositioning of Orange in the security niche seems to us an interesting solution, but we don't yet know the scale of the marketing effort to come", judges the analyst.

A turnaround or acceleration in cost savings is necessary to raise our valuation of Orange France and restore more potential to our price target', concludes Oddo BHF.

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