Telefonica stock gains as Morgan Stanley trims stake and Goldman Sachs sees upside

Published on 09/11/2026 at 10:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Telefonica stock is trading at 3.63 euros on Bolsa de Madrid as of September 11, 2026 after a 1.46 percent rise the prior session. Goldman Sachs now rates Telefonica stock Buy with a 4.90 euro price target, implying more than 30 percent upside from recent levels.

Schwarzweißfoto eines Technikers bei Glasfaser-Installation an Hausfassade in Madrid — Telefónica S.A. (ISIN ES0178430E18) sichert Netzinfrastruktur, während Techniker Glasfaserkabel in Madrider Straßen installieren und warten, Illustration mit AI erstellt.

Telefonica SA stock (ISIN ES0178430E18) is trading around 3.63 euros on Bolsa de Madrid as of September 11, 2026, after closing near 3.62 euros in the previous session with a 1.46 percent gain that drew renewed attention to the Spanish telecom group.

Stake cut by Morgan Stanley reshapes shareholder base

According to Democrata on September 10, 2026, Morgan Stanley has reduced its participation in Telefonica from 13.091 percent of the capital to 8.398 percent, leaving the investment bank with control over 476,180,167 shares of the operator.

Based on a closing price of 3.625 euros per share on September 10, 2026, the reduced Morgan Stanley stake is valued at about 1.726 billion euros, which underlines the scale of institutional ownership in Telefonica despite the cut.Democrata

The same report notes that Telefonica shares advanced 1.46 percent in that session, closing at about 3.62 euros per share, which compares with a prior level around 3.57 euros earlier in the week and reflects a modest positive reaction as broader Spanish equities moved only slightly.Cinco Días

Analyst views highlight upside potential

As IT Boltwise reported on September 10, 2026, Goldman Sachs now rates Telefonica stock Buy and sets a price target of 4.90 euros, compared with a trading level of 3.57 euros on September 9, 2026 in the IBEX 35 environment.

From that 3.57 euro reference, the Goldman Sachs target implies roughly 34 percent potential upside, corresponding to a difference of about 1.33 euros per share and positioning Telefonica among the more favored European telecom names in the bank’s coverage.IT Boltwise

According to TradingView on September 10, 2026, Telefonica SA shares with ticker TEF on BME Madrid closed at 3.625 euros, up 1.46 percent or 0.052 euros for the day, giving the company a market capitalization of about 20.17 billion euros at that point.

The same TradingView overview notes that Telefonica SA has fallen 20.75 percent over the last year and 1.18 percent over the past month, which means that the Goldman Sachs target price of 4.90 euros stands noticeably above the depressed one-year performance profile.TradingView

Dividend yield and upcoming earnings date

As of the market opening on September 11, 2026, the shares traded around 3.63 euros with 136,735 units changing hands, a level that local financial coverage associates with a clearly positive trend over the prior 10 days, including seven rising sessions and three declines.El Cronista

In the same context, analyst overviews point to a dividend yield close to 7 percent at recent prices, underlining that Telefonica stock combines moderate capital appreciation potential with a comparatively high cash return profile for income-oriented investors.finanzen.net

According to TradingView, Telefonica SA is scheduled to publish its next earnings report for the third quarter of 2026 on November 12, 2026, a date that investors will watch closely for confirmation of margin trends and cash flow generation.

Stock price level and trading venue

On the primary listing in Madrid (BME:TEF), Telefonica stock most recently closed at 3.625 euros on September 10, 2026, and is trading around 3.63 euros in early dealings on September 11, 2026, with the move supported by analyst upgrades and the reshuffled shareholder structure following the Morgan Stanley stake reduction.