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

To: Steve Fancy who wrote (9095)	10/22/1998 12:15:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Santander Changes Investment Codes On Brazil Telcos Dow Jones Newswires NEW YORK -- Santander Investment on Wednesday changed the investment codes on four Brazilian cellular companies, in the light of recent changes in liquidity. In a note to investors, Santander upgraded Telesp Cellular (E.TCL) to "buy" from "underperform," and raised Telerj (E.TJC) to "buy" from "sell." The bank downgraded Telemig Cellular Local (E.TCP) and Telepar Cellular Local (E.TPC) to "market perform" from "strong buy." "On a valuation basis, all the Brazilian cellular companies covered in our report warrant a 'buy' recommendation," analyst Patrick Jurczak said in a news release. "However, due to significant differences in liquidity, we are not recommending a 'buy' for all shares." Santander made a "buy" recommendation on Telesp Cellular Holding, Telesp Cellular Local Telesudeste Holding and Telerj Cellular Local. "We recommend overweighting the operating companies relative to the holding companies as the former currently trade at a discount to the latter," Jurczak said.