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

To: Steve Fancy who wrote (11982)	1/19/1999 10:29:00 AM
From: Alfredo Nova	Read Replies (1) \| Respond to of 22640

Steve, DLJ on 1/14 has downgraded theLatin American banks because of Brazil and removed Unibanco from its Top Pick rating with a previous target of 37. This was when the Bpvespa was going down 10% a day. I have consequently reduced my position today taking a 2 1/2 points profit on shares I bought at 10 last week, just before UBB started goind down from the opening at 12 3/4. However, even after the devaluation, the bank's book value is still much higher than the current stock price. In addition, two detailed stories from the Wall Street Journal today are not putting a bad light on the Brazilian market, assuming the Congress will vote the necessary reforms. saludos, Alfredo