TDC A/S fell the most in more than two weeks in Copenhagen trading after Danske Bank A/S said recent gains have made the stock “fully valued.”
TDC fell as much as 1.5 percent to 45.30 kroner, the most since March 8, making it the biggest decliner on the Copenhagen benchmark index. The stock declined 1.1 percent to 45.47 kroner at 11:06 a.m. in the Danish capital, with trading volume at 22 percent of the three-month daily average.
“Given its strong outperformance of the sector in recent months, we believe the shares are fully valued,” Danske Bank said in a note, cutting its rating to hold from buy.
TDC has gained 14 percent in the past three months, making it the third-best performer among Europe telecommunications companies, according to data compiled by Bloomberg. The share trailed only Vodafone Group Plc and BT Group Plc.
Morgan Stanley picked TDC on March 5 as one of its favorite telecommunication operators outside the euro, saying it offered “the best combination of fundamentals and valuation.”
Berenberg Bank also cut its rating to hold from buy.