Zacks Investment Research upgraded shares of Telenor ASA (NASDAQ:TELNY) from a hold rating to a buy rating in a report released on Tuesday morning. The brokerage currently has $24.00 price target on the stock.

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. “

Telenor ASA (TELNY) traded up 1.39% on Tuesday, hitting $21.16. 25,359 shares of the stock were exchanged. The company has a market cap of $32.12 billion and a PE ratio of 167.94. Telenor ASA has a 52 week low of $14.34 and a 52 week high of $21.25. The company’s 50-day moving average is $20.17 and its 200-day moving average is $17.56.

Telenor ASA (NASDAQ:TELNY) last announced its quarterly earnings data on Monday, July 17th. The company reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.02). Telenor ASA had a negative return on equity of 0.93% and a net margin of 2.16%. The business had revenue of $3.69 billion for the quarter. On average, analysts predict that Telenor ASA will post $1.35 earnings per share for the current year.

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About Telenor ASA

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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