Cordros Securities has revised its year-end target price for MTN Nigeria Communications Plc upward to N616 per share, reflecting what it described as improved earnings visibility and a resilient outlook for the telecoms giant despite macroeconomic pressures.
The firm, in its latest equity research note, said MTN’s fundamentals remain strong, supported by sustained subscriber growth, expanding data revenue, and the company’s ongoing cost-optimisation strategy.
The revised target represents renewed investor confidence ahead of MTN’s full-year 2025 financial results.
Cordros also released its dividend projection, estimating that MTN Nigeria could announce a higher payout than previously forecast due to anticipated improvements in service revenue and operational efficiency.
While the firm did not disclose a specific figure, it noted that the dividend outlook is buoyed by stronger cash-flow generation in the second half of the year.
Analysts at Cordros added that MTN’s aggressive investment in network expansion, fibre-optic infrastructure, and 5G rollout continues to position the company for long-term growth, even as regulatory and cost pressures persist.
With the telecoms sector increasingly seen as a defensive play for investors navigating Nigeria’s volatile market environment, the upgraded valuation places MTN among the top stocks to watch in the final quarter of 2025.
