Telecom Argentina upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Telecom Argentina (TEO) to Neutral from Underweight with a price target of $13, up from $10. The company’s acquisition of Telefonica’s assets in Argentina could result in sizeable synergies as well as relevant market repair, given that the country would move to a two-player structure, the analyst tells investors in a research note. The firm cites the potential consolidation ahead In Argentina for the upgrade.