Scotiabank on Friday downgraded Telecom Argentina (TEO) to Underperform from Sector Perform with a price target of $8.60, up from $8.20. The company still faces “significant” currency and macroeconomic risks given that inflation in Argentina is still running at 33.5% year-over-year and the government has failed to deliver on dollarization of the economy, the analyst tells investors in a research note. Scotiabank also sees no clarity on whether antitrust and telecom regulators will allow Telecom to integrate with Telefonica Moviles.
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