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The Zacks Analyst Blog Highlights: Telefonica, France Telecom SA, America Movil, Vivo Participacoes and Telesp

Zacks Investment Research, Inc., www.zacks.com. (PRNewsFoto/Zacks Investment Research) (PRNewsFoto/ZACKS INVESTMENT RESEARCH)

News provided by

Zacks Investment Research, Inc.

Apr 06, 2011, 11:49 ET

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CHICAGO, April 6, 2011 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Telefonica (NYSE: TEF), France Telecom SA (NYSE: FTE), America Movil (NYSE: AMX), Vivo Participacoes (NYSE: VIV) and Telesp (NYSE: TSP).

(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter:

Here are highlights from Tuesday's Analyst Blog:

Telefonica Suffers Domestically

Spanish telecom giant Telefonica (NYSE: TEF) is seeing a continuous decline in its domestic market share as customers are switching to cheaper offers from its competitors. This will lead to lower revenues and earnings for the company.

Spanish operations were weak again in February following lackluster performances in January and the fourth quarter of 2010. In the fourth quarter, the company's earnings missed the Zacks Consensus Estimate as well as the year-ago earnings due to the economic crisis in Spain that affected its domestic wireless business.

Telefonica leads the Spanish mobile market, which includes both mobile phones and datacards. The company is persistently losing share in the mobile market, with 41.46% in February 2011 as compared with 41.58% in January 2011 and 42.27% in December 2010.

In February, Telefonica lost its market share to its rivals –– Yoigo, a unit of Sweden's Teliasonera AB and France Telecom SA's (NYSE: FTE). The companies added 45,732 and 11,146 subscribers, respectively, in the month. Telefonica was the biggest loser in the month shedding 42,623 customers.

We believe Spain is not working in favor of Telefonica. The economic downturn in Spain has been more than expected and is likely to drag the company's profits and liquidity. Margins are expected to remain strained for the company's domestic business, with EBITDA predicted to fall until 2014.

Further, the company's Spanish revenue continues to be affected by the ongoing reduction in mobile termination rates, which is the fee that operators charge each other to connect calls.

However, weak Spanish operations are expected to be fully offset by strong growth in Latin America and Europe. Latin Americais one of the best performing regions and remains the principal growth region for Telefonica. This segment continues to post healthy subscriber additions on a quarterly basis. Telefonica is particularly well positioned in Brazil and Mexico, and is actively gaining market share from its dominant competitor, America Movil (NYSE: AMX).

Moreover, the consolidation of Vivo Participacoes (NYSE: VIV) in October 2010 enables Telefonica to offer full competitive bundled services. Telefonica has merged Vivo with its Brazilian fixed-line voice and broadband unit Telesp (NYSE: TSP).

We are currently recommending our long-term Outperform rating on Telefonica supported by the Zacks #1 (Strong Buy) Rank.

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About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today:

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

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SOURCE Zacks Investment Research, Inc.

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