Telecom Argentina price target raised to $8.30 from $7.30 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Telecom Argentina (TEO) to $8.30 from $7.30 and keeps a Sell rating on the shares. The firm notes that its 2024-26 revenue estimates are essentially unchanged in USD terms following the company’s beat in fixed-services revenues and a miss in data-and-telephony revenues in Q3. Goldman is also cutting its 2024 EBITDA margin outlook to account for impacts of restructuring in Q3 but raising its 2025-26 margin forecasts slightly to account for a lower payroll base, the analyst tells investors in a research note.