Morgan Stanley cut its price targets on several Europe, the Middle East and Africa telecom companies on the current macroeconomic uncertainty, a Reuters report said.
But Morgan Stanley said it remained positive on the stocks.
The investment bank said the implied average downside for Egyptian Company for Mobile Services and Qatar Telecom remained the highest.
It cut Qatar Telecom's price target to 204 riyals from 251 riyals, and Mobinil's to 129 Egyptian pounds from 148 Egyptian pounds.
However, Morgan Stanley said it was positive on EMEA telecom companies as they continue to be operationally sound, have strong balance sheets, and their valuations are inexpensive.
Russian telecom company VimpelCom, Telecom Egypt and Sub-Saharan Africa's biggest mobile phone operator MTN remained his top picks, the group said.
MTN's expensive valuation was justified 'by superior execution and exposure to high-growth markets in Sub-Sahara Africa,' Gardiner said.