Barclays analyst Mathieu Robilliard upgraded Tim Participacoes (TSU) to Overweight from Equal Weight with a price target of $19 while downgrading Telefonica Brasil (VIV) to Equal Weight from Overweight with a price target of $14. After a trip to Brazil, the analyst is more positive on mobile and more cautious on fixed. In mobile, prepaid makes for a high sensitivity to the macro, where prospects are improving with reform momentum, Robilliard tells investors in a research note. However, in fixed, the analyst sees a "structural increase in competition driven by new players." In addition, the timing of the approval of telecom reform remains uncertain, says Robilliard.