RESEARCH ALERT-ING repeats Telebras (SAO:TEL_.P) buy
Reuters, Monday, December 29, 1997 at 14:22
SAO PAULO, Dec 29 (Reuters) - ING Barings said it maintained its buy rating, earnings estimates and December 1998 stock price target of $144.0 for Brazil's Telebras (NYSE:TBR) after the telecom released its November financial results.
-- "We reiterate our buy rating based on potential price appreciation of about 34 percent to December 1998," ING analysts said.
-- Net income in November came in at 310 million reais, representing 0.97 real ($0.87) per ADR.
-- "Telebras continues to show strong wireline growth, with its line installation program already running ahead of expectations," they said.
-- Operating margins and EBITDA margins for November came in at 37 percent and 63 percent respectively.
Telebras preferred, the benchmark issue of the Sao Paulo Stock Exchange, rose 2.59 percent to 127.20 reais per lot of 1,000 shares.
In New York, its ADR rose 4-1/16 to 114.
Copyright 1997, Reuters News Service |
