Poland’s largest phone company TPSA suffered a target price cut to PLN 7.8, with recommendation maintained at 'sell' in a report by Renaissance Capital dated February 13.

The analysts now expect 2013 revenues to decline 9.9% to PLN 12.744 billion, which constitutes an 8% cut versus previous RC forecasts for TPSA. Revenues are expected to decline further, to PLN 12.14 billion in 2014 and PLN 11.69 billion in 2015.

EBITDA margin forecasts were also cut. RC now expects TPSA margin to measure 31.5% in 2013, 31.4% in 2014 and 30.7% in 2015. Previous forecasts were at 34.1%, 33.9% and 33.7%, respectively.

The report follows a set of disappointing Q4 numbers by TPSA, accompanied by a grim outlook for the company presented in its annual report and by its officials at news events Tuesday.