Deutsche Bank Upgrades Brasil Telecom (BRP) to Buy
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Deutsche Bank upgrades Brasil Telecom (NYSE: BRP) from Hold to Buy and raises its fair value target from $87 to $90.
The firm believes shares of Brasil Telecom are looking relatively cheap, especially since being down from about $81 over the last 2 weeks. Deutsche said it believes Brazil Telecom's "current share price does not fully reflect the cash and TMAR shares it will receive under the proposed transaction with Tele Norte Leste (NYSE: TNE)."
Deutsche does not see much downside from current levels, even if the proposed deal with TNE does not go through.
Brasil Telecom Participacoes S.A., through its subsidiaries, provides fixed-line telecommunications services in Brazil. [BCS]
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