Macquarie Research raises M1 (B2F.SG) 12-month target price to $2.50 from $2.26, maintains Outperform rating following telco’s 2Q results, according to Dow Jones.

Expects moderate earnings growth, lower margin decline and subscriber growth of 1% in 2H plus prospect company could declare special dividend.

Notes telco “remains a strong dividend play with potential catalysts.” With dividend yield around 7% and prospects of capital management initiatives, stock is attractive at current valuations. Stock last +0.9% at $2.18.