RESEARCH ALERT-Telebras buy rating, forecasts kept
Reuters, Friday, December 05, 1997 at 05:45
SAO PAULO, Dec 5 (Reuters) - ING Barings said it maintained its buy rating, earnings estimates and December 1998 price target of $144 for Brazil's Telebras (NYSE:TBR) following the release of the company's October financial results.
-- "We reiterate our buy rating based on potential price appreciation of about 29 percent to December 1998," ING analysts
Patrick Jurczak, Prabhakar Sundararaman and Ileana Savvides said in a report.
-- Net income in October rose sharply to 674 million reais from 364 million reais in September, but earnings were affected positively by a one-time gain of 360 million reais, they said.
-- Telebras (SAO:TEL_.P">SAO:TEL_.P) (SAO:TEL) continues to show strong fixed line and wireless growth while operating margin in October rose to 39 percent and headcount was reduced by 440 during the
month, they added.
-- Telebras' ADR ended up Thursday at 113-1/2. Its preferred stock closed at 124.60 reais and its common shares ended at 113 reais.
248-5570, james.craig@reuters.com))
Copyright 1997, Reuters News Service |
