Eutelsat falls as Citi cuts to 'neutral' on high-risk 2025 targets
** Shares in French satellite operator Eutelsat ETL.PA drop 4% to the bottom of France's SBF 120 .SBF120 index after Citigroup cuts its rating to "neutral" from "buy"
** Citi said it remains more constructive than the market on Eutelsat's investment in OneWeb's low earth orbit activities since their merger last year, but flags short-term concerns
** Citi said a ramp-up of commercialisation requires solid near-term execution on building out its ground network, securing landing rights and adding new customers
** "All of this is achievable but the reality of longer-duration investments is that even small changes in the short-term caused by delays can have significant longer-term implications for the trajectory of returns," Citi says
** It says tolerance for disappointment in 2025 targets will be low given the group's recent track record coupled with a fairly tight balance sheet
** While the shares are up 3.4% YTD and nearer 11% higher over the past six months, since the closing of the OneWeb deal on Sept. 29, 2023 they are around 21% lower
Reporting by Federica Mileo; Editing by Alexander Smith
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