Scotiabank Forecasts Strong Price Appreciation for Telecom Argentina (NYSE:TEO) Stock

Telecom Argentina (NYSE:TEO) had its target price increased by analysts at Scotiabank from $6.10 to $6.20 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector underperform” rating on the utilities provider’s stock. Scotiabank’s price objective would indicate a potential downside of 43.40% from the company’s current price.

TEO has been the topic of several other research reports. The Goldman Sachs Group upped their price target on shares of Telecom Argentina from $7.30 to $8.30 and gave the stock a “sell” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. raised shares of Telecom Argentina from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.00 to $13.00 in a research note on Tuesday, February 25th. Finally, StockNews.com upgraded shares of Telecom Argentina from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th.

Telecom Argentina Stock Performance

Shares of Telecom Argentina stock traded down $0.30 on Thursday, reaching $10.96. 21,844 shares of the company traded hands, compared to its average volume of 215,305. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.40 and a quick ratio of 0.37. The firm has a market capitalization of $4.72 billion, a PE ratio of -60.86 and a beta of 0.99. The company has a 50 day moving average of $12.12 and a 200 day moving average of $10.84. Telecom Argentina has a 52 week low of $5.52 and a 52 week high of $15.54.

Telecom Argentina (NYSE:TEO) last issued its earnings results on Friday, February 28th. The utilities provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.64. Telecom Argentina had a negative return on equity of 1.26% and a negative net margin of 1.91%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.19 billion. Equities analysts forecast that Telecom Argentina will post 1.28 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Telecom Argentina by 111.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,327,035 shares of the utilities provider’s stock worth $29,297,000 after buying an additional 1,224,369 shares during the last quarter. Bosun Asset Management LLC bought a new stake in shares of Telecom Argentina in the fourth quarter worth $1,031,000. Bank of America Corp DE lifted its stake in shares of Telecom Argentina by 87.0% in the 4th quarter. Bank of America Corp DE now owns 20,684 shares of the utilities provider’s stock worth $260,000 after purchasing an additional 9,621 shares during the period. Freedom Investment Management Inc. purchased a new position in shares of Telecom Argentina during the 4th quarter worth $577,000. Finally, NewEdge Advisors LLC bought a new position in shares of Telecom Argentina during the 4th quarter valued at approximately $202,000.

About Telecom Argentina

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services. The company offers mobile telecommunications services, including voice communications, high-speed mobile Internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, Modems MiFi and wingles, and smart watches.