Zacks Investment Research lowered shares of Telefonica SA (NYSE:TEF) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

According to Zacks, “Telefonica’s continued focus on organic growth and portfolio optimization should serve it well over the long term. The company is poised to benefit from the widespread adoption of broadband and data services, pricing revision, network enhancement and strategic collaborations.  Moreover, the company’s strong presence in the Mexican wireless industry should reap substantial benefits going forward. Also, a sucessful IPO of its of its infrastructure division Telxius should boost its balance sheet by cutting significant amount of debt. Notably, the company has a debt laden balance sheet which may pose problems going ahead. Moreover, domestic competition poses a major headwind.”

Several other equities research analysts have also recently weighed in on TEF. JPMorgan Chase & Co. reiterated a buy rating on shares of Telefonica SA in a report on Monday, May 23rd. Credit Suisse Group AG cut Telefonica SA to a hold rating in a report on Thursday, May 26th. Finally, Goldman Sachs Group Inc. cut Telefonica SA from a buy rating to a neutral rating in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of €11.00 ($12.22).

Shares of Telefonica SA (NYSE:TEF) traded up 1.09% on Friday, reaching $10.24. The company’s stock had a trading volume of 174,705 shares. Telefonica SA has a 12-month low of $8.34 and a 12-month high of $13.53. The stock has a market cap of $60.01 billion, a PE ratio of 28.85 and a beta of 1.47. The firm has a 50 day moving average price of $10.02 and a 200-day moving average price of $10.27.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new position in shares of Telefonica SA during the second quarter valued at about $336,000. Private Bank & Trust Co. raised its position in shares of Telefonica SA by 27.6% in the second quarter. Private Bank & Trust Co. now owns 19,311 shares of the company’s stock valued at $183,000 after buying an additional 4,176 shares in the last quarter. Creative Planning raised its position in shares of Telefonica SA by 184.1% in the second quarter. Creative Planning now owns 58,999 shares of the company’s stock valued at $559,000 after buying an additional 38,229 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Telefonica SA by 188.8% in the second quarter. BNP Paribas Arbitrage SA now owns 17,889 shares of the company’s stock valued at $170,000 after buying an additional 11,694 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of Telefonica SA by 78.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 16,421 shares of the company’s stock valued at $182,000 after buying an additional 7,218 shares in the last quarter. 1.37% of the stock is owned by hedge funds and other institutional investors.

About Telefonica SA

Telefonica, SA is an integrated and diversified telecommunications group operating in Europe and Latin America. The Company’s services and products include Mobile business, Fixed-line telephony business and Digital services. The Company’s segments include Telefonica Spain, Telefonica Brazil, Telefonica Germany, Telefonica UK and Telefonica Hispanoamerica.

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