【出版时间及名称】：JPM-DEUTSCHE TELEKOM-US REMAINS A DRAG-100302
      【作者】：jpm
      【文件格式】：pdf
      【页数】：28
      【目录或简介】：
stronger US dollar limits the impact on our headline EBITDA
forecast to a 1% 2010E cut, positioning us slightly above new company
guidance. Our free cash flow forecasts are reduced by almost 10%,
reflecting increases in projected capex. On our new forecasts we see DT
trading on industry average yields and retain our Neutral
recommendation. Our Dec 2010 price target drops from