SFR (N, TP EUR25.0): We lower our 2017 EBITDA estimate by 1% and are broadly in line with consensus. We also lower our target price slightly to €25 to reflect our revised estimates and the sector's recent de-rating. We retain our N rating on the stock. French mobile trends improved recently with mobile service revenue growth improving from -7.0% y/y in Q2 16 to -3.5% y/y in Q3 16. This was mostly driven by easier comps and with the benefit of some of the front-book price hikes in Q2 16. The low end of the market remains competitive but not very different from the sort of promotions that we saw a year ago. The high end of the market remains fairly benign with Orange making a 'more-formore' price move in August 2016.