Telecom Argentina SA

TEO · BOLSA

$12.90+$0.24 (+1.90%)TodayMarket closed · Oct 23, 7:00 PM ET

Prev close $12.66

TEO analyst rating

BuyConsensus of 4 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform1
Sell0

12-month price target · 2 analysts

Average $11.51 (−10.7% downside)

Low: $11.40
Now: $12.90
High: $11.85

Upgrades and downgrades

The latest rating actions, newest first

TEO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Sep 4, 2026	Maintains	Overweight	$19.00 → $21.00	64%
UBS	Aug 12, 2026	Maintains	Buy	$18.00 → $16.50	—
Morgan Stanley	Jun 24, 2026	Upgrade	Equal-Weight → Overweight	$13.00 → $17.00	20%
JP Morgan	Jun 9, 2026	Maintains	Overweight	$16.00 → $19.00	64%
Scotiabank	May 27, 2026	Maintains	Sector Underperform	$8.60 → $9.20	69%
JP Morgan	Apr 29, 2026	Upgrade	Neutral → Overweight	$12.00 → $16.00	64%
Scotiabank	Mar 30, 2026	Downgrade	Sector Perform → Sector Underperform	$8.20 → $8.60	69%

The case for and against

Updated Oct 31, 2025

Bull case

Telecom Argentina SA has demonstrated a robust financial performance, highlighted by an impressive Q1 EBITDA margin of 33.1%, significantly exceeding projected figures of 25% for 2025. The company's diverse service offerings, which include quadruple play services and strong exposure to the post-paid mobile segment, position it favorably within the competitive landscape of Latin America. Additionally, with the cable and fixed-line division contributing 58% to consolidated sales, Telecom Argentina showcases a solid revenue foundation that supports its positive outlook in the telecom market.

Bear case

Telecom Argentina's financial outlook appears negative due to a significant decline in free cash flow (FCF), which fell 31% year-over-year to US$80 million, largely impacted by a US$189 million working capital drain. Additionally, concerns about the dismal operational state across Latin America suggest potential challenges with supplier payment demands and a heightened risk of receivables default. Furthermore, the company's acquisition of TEF has led to substantial working capital, labor, and tax liabilities amounting to US$1.2 billion, raising additional financial risk factors.

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