Oscar Gruss Upgrades Vivo Participações (VIV) to Buy; Raises PT
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Oscar Gruss upgrades Vivo Participações (NYSE: VIV) from Hold to Buy. Price target increased from $23.50 to $31.
Oscar analyst says, "VIV released its 3Q09 results to the market on 11/05/09. Average revenue per user (ARPU) and minutes of use (MOU) were in-line with our estimates, while both subscriber acquisition costs (SAC) and monthly churn came in lower. As a result, the Company reported operating margins and Net Income above our estimates and the consensus...We believe that Vivo’s Board of Directors has clear and unified vision regarding the long term evolution of mobile broadband in Brazil. We reiterate our view that Vivo offers investors an attractive vehicle into the incipient expansion of 3G services in Brazil among higher margin mobile subscribers...We are upgrading the Company's preferred share (VIVO4) to a Buy from a Hold, and raising our price target to R$55.00 from R$44.00...We expect Vivo to maintain low subscriber churn rates, and high operating margins in 2010E relative to its competitors."
To see more analyst ratings on VIV Click Here.
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