DB sticks to a sell on BT despite slightly better than expected quarter Proactive uses images sourced from ShutterstockDeutsche Bank sees around 23% downside in BT Group PLC (LSE:BT.A) despite a slightly better-than-expected first quarter and reiterated guidance. The German bank's analysts end the week sticking to a 'Sell' rating and 150p price target, versus a market price of around 194p. It comes after the British telco's trading update which showed UK service revenue came in a meagre 0.3% ahead of forecasts and EBITDA was 0.2% better, though revenue growth slowed. At the same time, Openreach line losses improved from the fourth quarter but remained softer year-on-year, with BT still expecting around 800,000 losses in FY27. Deutsche Bank said the shares may benefit from the absence of negative surprises after retreating from recent highs, but saw "little reason to be more constructive" given significant competitive risks in the UK market.