BKGR Keeps Buy Call on Maroc Telecom, Sets New Target at 130 DH – 36% Upside

BMCE Capital Global Research (BKGR) reaffirms its Buy rating on Maroc Telecom (CSEMA:IAM) and trims the price target to 130 DH, implying a 36.5 % upside from the current price. The modest downgrade stems mainly from a higher risk‑free rate in the valuation model, while the firm’s strong cash‑flow, defensive profile and upcoming 5G and fiber investments underpin a bullish outlook. The broker projects modest revenue growth, robust EBITDA margins and attractive dividend yields through 2027, suggesting ample upside for investors despite a recent share‑price pull‑back.

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