Zacks Investment Research Upgrades Telecom Argentina SA (TEO) to Buy
Telecom Argentina SA (NYSE:TEO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $20.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.38% from the stock’s previous close.
According to Zacks, “TELECOM ARGENTINA holds a license to provide basic telephone service and fixes telecommunications links in the northern region of the Argentine Republic. The Company contributes to the country´s economic and social development by means of incorporating the latest technological advances achieved to-date in the field of telecommunications world-wide. “
Several other research firms have also issued reports on TEO. Morgan Stanley raised Telecom Argentina SA from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $18.00 to $23.00 in a report on Tuesday, September 6th. TheStreet raised Telecom Argentina SA from a “hold” rating to a “buy” rating in a report on Monday, July 11th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Telecom Argentina SA has an average rating of “Buy” and an average price target of $20.28.
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Telecom Argentina SA (NYSE:TEO) opened at 18.12 on Wednesday. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of 16.86 and a beta of 1.35. The stock’s 50 day moving average price is $18.45 and its 200 day moving average price is $18.46. Telecom Argentina SA has a 12 month low of $14.03 and a 12 month high of $20.28.
A number of hedge funds and other institutional investors have recently modified their holdings of TEO. James Investment Research Inc. raised its position in shares of Telecom Argentina SA by 33.6% in the second quarter. James Investment Research Inc. now owns 15,900 shares of the company’s stock worth $291,000 after buying an additional 4,000 shares in the last quarter. Global X Management Co. LLC raised its position in shares of Telecom Argentina SA by 38.8% in the second quarter. Global X Management Co. LLC now owns 177,081 shares of the company’s stock worth $3,246,000 after buying an additional 49,481 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Telecom Argentina SA by 3.4% in the first quarter. Goldman Sachs Group Inc. now owns 199,883 shares of the company’s stock worth $3,576,000 after buying an additional 6,500 shares in the last quarter. Royal Bank of Canada raised its position in shares of Telecom Argentina SA by 1,581.4% in the first quarter. Royal Bank of Canada now owns 16,814 shares of the company’s stock worth $300,000 after buying an additional 15,814 shares in the last quarter. Finally, Emerald Acquisition Ltd. bought a new position in shares of Telecom Argentina SA during the second quarter worth $547,000. 8.64% of the stock is currently owned by hedge funds and other institutional investors.
About Telecom Argentina SA
Telecom Argentina SA provides fixed-line telecommunications services and other telephone-related services, such as international long-distance service, data transmission, information technology (IT) solutions outsourcing and Internet services. The Company provides mobile telecommunications services and international wholesale services.
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