Deutsche Bank Upgrades Telefonica S.A. (TEF) to Buy; 10% YTD Underperformance, Buy Into the 13% Dividend Yield

Deutsche Bank upgraded Telefonica S.A. (NYSE: TEF) to Buy.

Deutsche analyst says, "Telefonica has underperformed the sector by 10% this year due to concerns over negative earnings momentum and dividend cuts. We believe we are at an attractive entry point as (1) we see less than 1% downside to consensus EBITDA and we expect near-term dividends to be met; (2) the Spanish telco market is structurally solid and the planned headcount cut offsets near-term economic risks and (3) we are positive on Latam and German wireless, which account for 55% of EBITDA."

For more ratings news on Telefonica S.A. click here and for the rating history of Telefonica S.A. click here.

Shares of Telefonica S.A. closed at $19.95 yesterday.

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