BT (LON: BT.A) share price has turned green once again after a pullback last week. Shares of BT Group PLC have outperformed most of the other FTSE 100 companies. Since the start of 2023, the shares have been almost 34.5% up. This has made it one of the top 3 best-performing stocks in the FTSE 100 index.
On Monday, BT shares rebounded from their fresh monthly lows. Till press time, the stock was 1.73% up. The positive price action came on a day when the benchmark FTSE 100 index gained 90 points. The shares of the British telecom giant are likely to remain volatile in the coming days due to its upcoming earnings report.
Telecom Investors Await Q1 Results
European telecom companies have had to increase their prices to the rising inflation over the past few months. Due to this reason, major investors are cautious in buying the shares of these companies as they want to see the impact of the increased prices on profitability.
Consequently, investors are waiting for the financial reports of telecom companies before taking any significant positions. According to the latest news, JPMorgan expects the BT share price to hit 200p in 2023. This will be almost a 30% increase from the current level.
BT Share Price May Hit 170p In This Month
BT Group PLC is set to release its earnings report for the period ending in March 2023 on May 18. Due to this reason, I expect another leg up on LON: BT.A in the next few days. For this to happen, the FTSE 100 index must remain strong. A possible price target for such a move could be 160p-170p.
The following chart also shows that the BT share price is respecting the upward trendline. A breakdown below this trendline may result in a major downside move toward 137p where lies the 200-day moving average.
In the meantime, I’ll keep sharing updated outlook on LON: BT.A in my free Telegram group that you’re welcome to join.