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STOCKS NEWS EUROPE-Portugal Telecom jumps on new wave of Oi merger optimism

Reuters - UK Focus

Stocks in Portugal Telecom rise 4 percent, recovering from a recent drop on a fresh wave of optimism about potential benefits from its forthcoming merger with Brazil's Oi (NYSE: OIBR - news) announced last month.

"PT is converging towards its fundamental value ... benefiting from positive comments by one or two investment houses regarding the merger," says Lisbon-based Banco BIG equities analyst Miguel Medeiros, whose target price for PT is of 3.62 euros. The stock is now trading around 3.33 euros, below its October peak of 3.68 euros.

Bernstein Research analysts say in a note that "cleaning up PT/Oi is not without a cost, but at this point the cost, rather than the deal's benefits, are far more priced in. The merger should result in a better organic business, improved corporate governance and increased liquidity".

Reuters messaging rm://filipa.lima.thomsonreuters.com@reuters.net