Gabelli Has Buy on VimpelCom (VIP

Gabelli & Co. is out with a research report on VimpelCom (NYSE: VIP) and it has a Buy rating on shares.

In a note to clients, Gabelli & Co. writes, "The Integration process continues. Capex/sales ratio is still too high at 22-23. VIP has already achieved $1.6 billion in synergies with the possibility of exceeding the $2.5b guidance. No new M&A is expected for at least the next 18 months."

Shares of VIP closed at $10.42 on Friday.