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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1709)	4/16/1998 12:31:00 PM
From: Steve Fancy	Respond to of 22640

RESEARCH ALERT -Telesp (SAO:TLS) cut,Telerj started Reuters, Thursday, April 16, 1998 at 11:49 NEW YORK, April 16 (Reuters) - Deutsche Morgan Grenfell cut its rating for Brazilian telephone company Telesp (SAO:TEL_.P) Thursday to hold from buy. -- The firm also started coverage of telephone company Telerj (SAO:TER) with a rating of sell. -- In a report, it said it was cutting Telesp "after the stock's outperformance and creation of the Telebras 'unit.' -- "After an impressive 35 percent YTD (year-to-date) rise, Telesp is only eight percent below our $370 year-end target price." -- On Telerj, it said, "In our opinion, the company is overvalued and carries significant merger risk, which should make the company trade at discounted levels. -- "Telerj is 18 percent overvalued compared to our target price of $125.30." Copyright 1998, Reuters News Service