UPDATE: Excellence Downgrades Cellcom Israel

According to a research report published this morning, Excellence has downgraded Cellcom Israel CEL to Underperform . In the report, Excellence said, "1Q12 revenues totalled ILS1.58bn compared with our 1.67bn estimate and flat from last year. However, excluding the Netvision acquisition (an ISP company), sales are down 16.4% y/y. Leading the decline were cellular services revenues, down 21.6% y/y, with ARPU declining to ILS 90.5 vs. our 92.0 estimate and down from ILS 115.2 in 1Q11." Cellcom Israel closed yesterday at $10.45.