Deutsche Bank Downgrades Telefonica (TEF) to Hold
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Deutsche Bank downgrades Telefonica (NYSE: TEF) from Buy to Hold. Price target unchanged at EUR20.60.
Deutsche analyst says, "We identify 1) Spanish consumer pricing, 2) Latam macro data, and 3) O2 UK margin as three trends set to deteriorate through Q1. Despite the upside potential to our target price, with earnings risk increasingly to the downside, we downgrade from Buy to Hold, preferring Vodafone (NYSE: VOD) and Deutsche Telekom (NYSE: DT)...Press reports that O2 is set to lose its exclusive iPhone distribution this summer coincide with new price promotions, set to pressure near-term margin."
To see more analyst ratings on TEF Click Here.
Telefonica, S.A. (Telefonica), together with its subsidiaries and investees (Telefonica Group), operates in the telecommunications, media and contact center industries.
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