Telemig Celular (TMB)
We are keeping our Buy recommendation on Telemig Celular Participacoes S.A. (<a href=http://www.zacks.com/stock/quote/tmb>TMB</a>). Despite the weak economic conditions throughout the world, Telemig posted great results for the fourth quarter 2008. <p> We believe that the stock remains attractively priced, given the company's positive short-term growth trends. Additionally, a more relaxed monetary policy in Brazil and the company's proposed dividend are very encouraging. <p> Finally, we believe Telemig's valuation will converge with that of Vivo in the upcoming quarters. In the medium term, Telemig will be incorporated into Vivo, creating considerable synergies.
February 26, 2009 | Filed Under Stock Picks
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