Telefonica (TEF) Downgraded
July 07, 2010 at 09:36 AM EDT
We are downgrading our recommendation to Underperform from Neutral for Telefonica (TEF), the largest telecom carrier in Spain and Latin America. Currently the stock has Zacks #5 (Strong Sell) Rank. We believe Telefonica’s fight with Portugal Telecom (PT) for the full control of its Brazilian wireless joint venture, Vivo Participacoes (VIV) may push the [...]
