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Fly News Breaks for August 13, 2019
TEF
Aug 13, 2019 | 05:34 EDT
BofA/Merrill analyst David Wright downgraded BofA/Merrill to Neutral from Buy and lowered his price target for the shares to 7 euros from 10.30 euros. Telefonica is 45% exposed to deteriorating currencies, including the pound sterling and Brazilian real, Wright tells investors in a research note. Further, the analyst sees "intense" domestic competition from new football promotions.
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