JPMorgan analyst Marcelo Santos upgraded Telecom Argentina (TEO) to Overweight from Neutral with a price target of $16, up from $12. The firm says the antitrust review of the acquisition of Telefonica Argentina is coming to an end. The company is positioned for “substantial benefits” from market consolidation in Argentina, where the number of mobile players is being reduced from three to two, the analyst tells investors in a research note. JPMorgan sees synergies driving 43% potential upside in the shares.
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