Freenet shares fell 3.9% to 29.66 euros following a downgrade by UBS, which withdrew its buy recommendation after a 30% price increase over the past year. While the cell phone business remains stable, growth in Waipu-TV is slowing, and seasonal trends suggest weaker performance in the second quarter post-dividend. The decline has brought shares back to early February levels, correcting about 38% of the recent rally, raising concerns on the chart.