In a note published in the morning, the German bank pointed out that the group will hold an investor day on February 19, which, from the market's perspective, should provide an opportunity to present new medium-term growth targets, three years after its last meeting with the financial community.

According to the German institution, another key topic will be the possibility of consolidation in the French market, as Les Echos reports that discussions regarding a potential acquisition of SFR are still ongoing.

On this matter, Deutsche Bank states that the price of the deal could turn out to be higher than expected, but also believes that the cost of the transaction should remain financially manageable for Orange, given the proposed financial structure and the strength of the incumbent operator's balance sheet, whose debt ratio is currently limited to 1.9x.

While the bank considers it possible that an announcement could occur before February 19, it does not expect Orange to unveil targets that incorporate this new scope.

At 9:40 a.m., the stock was up 1.5% while at the same time, the CAC 40 index was down by around 0.1%.