Downgrade Alert for Telefonica (TEF)
Telefonica (NYSE:TEF) was downgraded from Buy to Neutral at Goldman Sachs today. The stock closed yesterday at $8.75 on volume of 3.9 million shares, above average daily volume of 1.4 million.
Potential upside of 35.1% exists for Telefonica, based on a current level of $8.75 and analysts' average consensus price target of $11.82. The stock should run into initial resistance at its 50-day moving average (MA) of $10.82 and subsequent resistance at its 200-day MA of $12.01.
Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers. Telefonica also holds stakes in television stations, radio stations and production companies, and publishes directories.
In the past 52 weeks, Telefonica share prices have been bracketed by a low of $8.34 and a high of $15.54 and closed yesterday at $8.75, 5% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.7%.
SmarTrend recommended that its subscribers protect gains by selling shares of Telefonica on June 10th, 2016 by issuing a Downtrend alert when the shares were trading at $9.76. Since that call, shares of Telefonica have fallen 13.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades Telefonica