Barclays downgraded Telefonica Brasil (VIV) to Equal Weight from Overweight with a price target of $16, up from $14.50. Telefonica’s growth outlook “dragged down” by Germany’s decline and Barclays expects “muted” growth in Spain, the analyst tells investors in a research note. The firm views Telefonica Brasil’s growth prospects as positive but downgrades the shares on valuation.
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