VEON - VEON: Multiplay User Strategy Now Gaining Traction

2024-05-06 16:36:59 ET

Summary

• VEON Ltd. stock has experienced a 23%+ gain in the past three months after breaking out to the upside.
• The company's cheap valuation, strong earnings power, and high returns on capital make it an attractive investment.
• Bullish growth in fiscal 2023, particularly in Ukraine, Pakistan, and Kazakhstan, further supports our upgrade to a 'Buy' rating.

Intro

We wrote about VEON Ltd. ( VEON ) back in early February of this year when we pointed to a strong underlying rally in the stock once overhead resistance was taken out in earnest. Not long after our February commentary, shares finally broke out to the upside resulting in a 23%+ gain in the stock over the past three months. Although (as the technical chart below implies), there is a risk that shares come back down to newly formed support (just above the $21 level) over the near term, we are upgrading our rating in VEON Ltd to a 'Buy' for the following reasons....

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