Zacks Investment Research upgraded shares of Telefonica Brasil SA (NYSE:VIV) from a hold rating to a buy rating in a research note released on Wednesday morning. The firm currently has $16.00 price target on the Wireless communications provider’s stock.
According to Zacks, “Telefonica Brasil continues to rule the Brazilian wireless market following the establishment of Vivo as a commercial brand for all services. The company also continues to fortify its leadership position in both data and post-paid segments through various attractive postpaid and prepaid data plan. Telefonica Brasil is also investing in technology upgrades and broadband network infrastructure expansion to retain itself in the competitive industry. On the other side, impact of wireless substitution, intense competition in fixed line voice business, exposure to stringent regulatory measures and foreign exchange currency risks are other near-term risks that may affect the company's growth prospects. Over the past three months, share price of Telefonica Brasil declined by 3.51% compared with the Zacks categorized Diversified Communication Services' industry's growth of 6.34%”
Shares of Telefonica Brasil SA (NYSE VIV) opened at 14.21 on Wednesday. The stock has a market capitalization of $24.00 billion, a price-to-earnings ratio of 20.96 and a beta of 1.50. The firm’s 50-day moving average is $14.65 and its 200-day moving average is $14.28. Telefonica Brasil SA has a 52 week low of $11.36 and a 52 week high of $15.69. A number of institutional investors have recently added to or reduced their stakes in VIV. Numeric Investors LLC bought a new position in Telefonica Brasil SA during the fourth quarter valued at approximately $4,918,000. Bayesian Capital Management LP bought a new position in Telefonica Brasil SA during the fourth quarter valued at approximately $286,000. Guggenheim Capital LLC raised its position in Telefonica Brasil SA by 90.5% in the fourth quarter. Guggenheim Capital LLC now owns 354,048 shares of the Wireless communications provider’s stock valued at $4,737,000 after buying an additional 168,234 shares during the period. Itau Unibanco Holding S.A. raised its position in Telefonica Brasil SA by 77.1% in the third quarter. Itau Unibanco Holding S.A. now owns 1,086,870 shares of the Wireless communications provider’s stock valued at $15,728,000 after buying an additional 473,074 shares during the period. Finally, Jane Street Group LLC raised its position in Telefonica Brasil SA by 290.1% in the third quarter. Jane Street Group LLC now owns 523,667 shares of the Wireless communications provider’s stock valued at $7,577,000 after buying an additional 389,436 shares during the period. 10.19% of the stock is currently owned by hedge funds and other institutional investors.
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