12/9/2008

Even as it cut ratings Monday on a few companies, Morgan Stanley said that, as a group, European telecoms remained attractive investments because the credit crunch would help pare competitors as it spurs more mergers and buyouts. The brokerage -- citing its earnings momentum -- upgraded Portugal Telecom and asserted that the stronger telecoms are holding strong cards because lower-tier companies may be forced to sell to them at bargain prices.

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