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ING starts Digi Spain at 'buy' on rare growth story in European telecoms

By Reuters News

** ING initiates telecom company Digi Spain DIGIS.MC with a "buy" rating and €8 target price

** Cites rare growth algorithm with impressive record, long-term potential

** DIGIS up 9% from IPO price since July 16 Madrid debut

** "DIGI Spain is Europe's fastest growing telecom operator, a pure play on the attractive Spanish market, with a long leg revenue and profit growth profile" - ING

** Compares stock to Spanish operator Jazztel; expects "significant increase in profitability"

** Says Digi used its Telefónica network-sharing deal to keep prices low, win customers; sees scope to raise prices, expand into business market

** Adds that consolidation has reduced competition

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