Analyst Corner: telecom stocks suffered from the crisis, with RBC lowering ATT price target to $32 (down 30%), Sprint price target to $7 (down 30%), Verizon Wireless down 16% to $31. RBC lowered also Broadcom by 40% to $22, Alvarion to $6 (down 40%).
Surprisingly, Morgan Stanley upgraded to overall telecom sector to attractive, saying the telecom industry could outperform the global market during the next year.
China Netcom reported 9-mo revenues of $8.8bn (down 2%).
Brasil Telecom reports an increase of 3% in revenues to $1.3bn and a net profit of $76m, up 9%. EBITDA fell 1.8% to $441m, and EBITDA margin also declined to 33.5% (down 1.8 pp).