Goldman Sachs Downgrades Turkcell (TKC) to Sell

Goldman Sachs downgraded Turkcell (NYSE: TKC) from Neutral to Sell and lowers their price target from $15.20 to $13.10, suggesting 7% downside.

The firm said mobile competition in Turkey remains highly unstable with all three operators fighting for market share.

"We see a slim chance for a sustainable turnaround of Turkcell's business, as the company will likely need to sacrifice profitability for market share retention," the analyst said.

Goldman only expects EBITDA margin of 31.9% this year. In addition, higher capex and pressure on profitability leads to a decrease in their target multiple for operations in Turkey.

For more ratings news on Turkcell click here and for the rating history of Turkcell click here.

Shares of Turkcell closed at $14.05 yesterday.

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