Market Overview

UPDATE: Bank of America Upgrades Telefonica Brasil to Buy on Short-Term Earnings Confidence

Share:

Bank of America upgraded Telefonica Brasil (NYSE: VIV) from Neutral to Buy and raised the price target from $26.00 to $28.00.

Bank of America noted, "We upgrade VIV to Buy from Neutral and raise our price objective to R$56 ($28) from R$53 ($26), implying 21% upside potential (including 9% dividend yield). We feel more confident with VIV's short-term earnings outlook, given (1) some stability shown in the fixed-line business (36% of revenues), (2) wireless pricing pressure seems to have eased recently, and (3) the solid cost-cutting demonstrated in 4Q12 (EBITDA beat by 5%). With an estimated dividend yield of 9%, we see VIV as a solid option for those looking for a defensive strategy. Our preferred names within LatAm telcos now are VIV and Entel Chile."

Telefonica Brasil closed at $25.18 on Monday.

Latest Ratings for VIV

DateFirmActionFromTo
Jul 2020ScotiaBankMaintainsSector Outperform
May 2020BarclaysMaintainsEqual-Weight
Apr 2020Goldman SachsUpgradesNeutralBuy

View More Analyst Ratings for VIV
View the Latest Analyst Ratings

 

Related Articles (VIV)

View Comments and Join the Discussion!

Posted-In: Bank of AmericaAnalyst Color Upgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
KALUBenchmarkUpgrades
YEXTDA DavidsonMaintains20.5
BYDB of A SecuritiesMaintains47.0
SAICMorgan StanleyMaintains98.0
PVHMorgan StanleyMaintains104.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com