Veon Ltd: Benchmark raises target price to $85 from $80

Benchmark analysts have raised their price target for VEON Ltd (NASDAQ:VEON) from $80 to $85, maintaining a "Buy" rating on the stock. This adjustment follows the company’s strong fourth-quarter 2024 earnings report and a subsequent conference call with senior management. VEON’s shares have surged by 101% over the past year and are currently trading near their 52-week high of $48.39.

The company has demonstrated robust financial performance, with total revenue reaching $4 billion in Q4 2024, a 8.3% increase year-over-year. Digital revenue grew by 63%, and EBITDA rose to $1.7 billion, up 4.9% from the prior year. VEON has also announced second phase of buyback program, signaling a continued focus on shareholder value.

VEON’s strategic shift toward an asset-light model has been reinforced by sale of Deodar tower assets for $563 million and a partnership with Engro in Pakistan. Additionally, the company has partnered with Airspan Networks to invest $1 billion in rebuilding Ukraine’s telecommunications infrastructure from 2023 to 2027. These initiatives, combined with its exit from the Russian market and relocation of headquarters to Dubai, reflect digital expansion and market optimization.