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

To: md1derful who wrote (7486)	9/4/1998 12:48:00 PM
From: Steve Fancy	Respond to of 22640

Update from SBC/PaineWebber today. I don't have the report yet, but I understand the following key points... 1) They seem to feel Brazil will raise interest rates to 25%...somehow based on this they figure TBR could trade as low as 52. 2) 52 week price target 100. Curious to get other analyst comments. SBC clients sure got whacked. To reduce price targets at this point, after projecting an end of year price target of $140 and maintaining it as the stock fell from $127 to $60, well almost seems like a scam. I still find the downgrades from BS and Deutshe Bank just before the auctions curious. Currently, Bovespa is down 5.32% at 5888. Second day of a new 52 week low and first break of 6000. Index down over 68% from 52 week high and over 50% from high this calendar year. Rally this afternoon seems unlikely...but seems a break is in order. sf