Telefonica Brasil downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Telefonica Brasil to Equal Weight from Overweight with an unchanged price target of $11. The analyst sees a balanced risk/reward following the strong share price performance in 2023. Telefonica Brasil’s execution has been solid amid market repair in Brazil and the firm’s proprietary surveys show attractive net spending intention on value added services for the company, the analyst tells investors in a research note.