Telefonica (TEF) Downgraded to Underperform
July 12, 2010 at 05:35 AM EDT
We are downgrading our recommendation to Underperform for Telefonica S.A. (TEF) due to its conflict with Portugal Telecom for the full control of their Brazilian wireless joint venture. Despite solid results, Telefonica remains challenged by a weak Spanish economy which is contributing to sustained erosion in the domestic wireline voice business. Additionally, [...]
