Telefonica downgraded to Reduce from Hold at HSBC

HSBC analyst Luigi Minerva downgraded Telefonica to Reduce from Hold with a price target of EUR 3.30, down from EUR 3.50. The analyst says the Spanish market will likely to remain structurally challenged. The downgrade reflects structural points and the company’s’ high leverage :with no easy or immediate solutions,” the analyst tells investors in a research note.