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Telefonica Brasil downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Marcelo Santos downgraded Telefonica Brasil (VIV) to Underweight from Neutral with a price target of R$28.50, up from R$26. The firm cites the stock’s relative valuation and risks to the company’s consensus estimates for the downgrade. The firm views Telefonica Brasil as the most expensive mature Latin American telecom stock.

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