VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

Rounding off the reporting season, Vivo reported solid Q3s results with a 3% beat at EBITDA and the best postpaid net adds in Brazil this quarter.

MELI US (Neutral, TP: $2,000, -5%) MercadoLibre Credit cards drive big NIMAL and group EBIT miss

Top line trends were in-line/slightly ahead, with only a very slight slowdown in local FX GMV. However, there was a miss at both the gross profit level (2.5%) and, to an even greater extent, at operating income (25%, 19% ex-one-off) and net income (18%).

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track with MT guidance

MTN has reported a solid set of Q3 results with service revenue and EBITDA trends accelerating and service revenue trending back in line with the MT guidance.

Cisco 1FQ25: Order growth accelerating, momentum on multiple fronts. Buy, $64 TP

Trump Nominates “Khanservative” to become Attorney General

Yesterday, President-elect Trump announced that he would appoint Congressman Matt Gaetz to be the next Attorney General. In this policy brief we discuss the implications of that appointment for Antitrust policy.