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

To: SeachRE who wrote (15377)	5/19/1999 11:32:00 AM
From: wl9839	Read Replies (1) \| Respond to of 22640

Recent Bear Stearns Research on Tender Offer, TRO and TSU On May 18, Bear Stearns put out some guidance on TSD and TBE, the parent companies of the four cellulars subject to the Telefonica tender offer. Their conclusion was that it may have a negative effect on TSD as they feel the stock price reflected a Tender Offer for the holding company, not its subsidiaries. Consequently, they are maintaining a neutral rating on TSD. They did not address effect of tender offer on TBE, but maintained an "attractive" rating. TRO- Despite lower than expected revenues, BS likes TRO maintaining an "attractive" rating on the stock with a 12 month price target of USD $6.10. TSU-Mainained a "neutral" rating. Feels that the stock is trading near their 12 month target of USD$25, therefor not representing much potential for upside. WJ