After a review of the bullish and bearish risks on Orange, Barclays reaffirms its 'Overweight' recommendation, considering that 'at these levels, the share price incorporates many negative points', but lowers its target price from 14 to 12 euros.

The broker notes: "The share has underperformed since the start of the year (TR of around -4% vs. +6% for the SXKP) as concerns about France have emerged, with renewed competitive pressure and political risk".

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