Zacks Investment Research Downgrades Telenor ASA (TELNY) to Hold
Telenor ASA (NASDAQ:TELNY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Telenor ASA is a leading telecommunications company in Norway, which is among the most advanced telecommunications markets in the world. It is a provider of mobile communications services worldwide. The Company has four segments: mobile communication, fixed line communication, TV-based activities (Broadcast), and others. The Telenor Group is dynamic and flexible in its business approach, always exploring new markets and new technologies to make long-term investments. This is part of the reason why Telenor has grown from a national telephone service company in Norway to one of the world’s largest mobile provider. The Telenor Group is now a driving force in the industry, engaging in pioneering research and technology development and other areas that are important to develop the core business of Telenor further. “
A number of other research analysts have also commented on the stock. HSBC lowered shares of Telenor ASA from a “buy” rating to a “hold” rating in a research report on Monday, October 3rd. Deutsche Bank AG lowered shares of Telenor ASA from a “hold” rating to a “sell” rating in a research report on Friday, July 29th. Berenberg Bank lowered shares of Telenor ASA from a “hold” rating to a “sell” rating in a research report on Friday, September 16th. Finally, Jefferies Group lowered shares of Telenor ASA from a “buy” rating to a “hold” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $19.00.
Shares of Telenor ASA (NASDAQ:TELNY) opened at 16.01 on Tuesday. The company has a 50-day moving average price of $16.88 and a 200-day moving average price of $16.69. The firm has a market capitalization of $24.04 billion and a P/E ratio of 132.31. Telenor ASA has a 12-month low of $13.71 and a 12-month high of $20.70.
Telenor ASA Company Profile
Telenor ASA is a telecommunication company. The Company’s segments include Norway, Sweden, Denmark, Hungary, Bulgaria, Montenegro & Serbia, dtac-Thailand, Digi-Malaysia, Grameenphone-Bangladesh, Pakistan, India, Myanmar, Broadcast and Other units. The Company’s main products and services are mobile communication, fixed line communication and broadcasting activities.
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