This Spanish stock gets price target boost from Barclays on Brazil tailwinds
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Barclays has raised its price target for Telefónica SA from €3.8 to €4.0, citing favorable foreign exchange movements and stronger expectations for Brazil operations. The brokerage updated its model to reflect the appreciation of the Brazilian real against the euro and removed Mexico from forecasts after Telefónica's $450 million business sale. While revenue estimates for 2026 and 2027 were lowered by about 3%, EBITDA forecasts remained stable. Barclays maintains an Equal Weight rating, noting Brazil as a key growth driver but warns of elevated leverage and intense competition in Spain.
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