New Street: Telefonica (Buy) - Tough Q1 previewed; Dividend inevitably in focus
We look ahead to Q1 earnings for Telefonica on 7 May. Although numbers coming out of Euskaltel in Spain on Wednesday were pretty resilient (see LINK), we think trends will be tougher for the incumbent in Spain, as well as in Hispam and Brazil - above and beyond FX translation pressures.
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