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14

Morgan Stanley Says Telecom Stocks One of Europe’s Few Safe Bets

By Tony Seruga

For European investors seeking stability but finding nothing but high-priced equities, phone stocks beckon.

That’s the view of Andrew Sheets, Morgan Stanley’s chief cross-asset strategist, who says shares of telecommunications companies stand out among other defensive industries where valuations are dangerously high. The Stoxx 600 Telecommunications Index trades at 16.3 times estimated earnings, compared with more than 18 for consumer shares…

Morgan Stanley Says Telecom Stocks One of Europe’s Few Safe Bets

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