As previously reported, Scotiabank yesterday upgraded Telecom Argentina (TEO) to Sector Perform from Underperform with an unchanged price target of $8.20. The firm cited valuation for the upgrade with the shares below the price target At the current share price, Telecom Argentina’s equity free cash flow yield is 11.6%, which is fair versus its funding costs at 8.5%, the analyst told investors in a research note.
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