Swisscom Minor Changes to Estimates

Goldman Sachs updated its Swisscom estimates following 1Q 2026 results but maintained its Sell rating and SFr470 price target. Changes were largely driven by updated currency forecasts and phasing of results.

Key Takeaways

• 1.Goldman Sachs maintains its Sell rating on Swisscom with an unchanged 12-month price target of SFr470.
• 2.Financial estimates were updated following 1Q 2026 results, primarily reflecting adjustments to CHF/EUR FX forecasts.
• 3.Estimated EPS for 2026–2028 saw downward revisions of between 1.5% and 4.6% due to lower revenue expectations in Italy and Switzerland.

Table of Contents

• Valuation and Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions

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