Dresdner likes prospects of Greece’s mobile firms

Dresdner Kleinwort Wasserstein upgraded Greek mobile phone operators Cosmote, Panafon and Stet Hellas in a research report released yesterday. The bank said the carriers’ medium-term prospects were superior to many of their European peers. «Greek mobile looks attractive. Operators are generating free cash flow, top-line growth prospects look decent… and fixed-mobile substitution drives usage,» the report said. Cosmote was rated «buy» with a price target of 12.0 euros; Panafon was rated «add» at 6.3 euros and Stet Hellas «hold» at $9.50.