TAM S.A. - ADR (TAM) - Bull of the Day

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We upgrade our recommendation on TAM S.A. - ADR ( TAM ) from Neutral to Outperform. The company foresees a strong and growing market in 2012, and hence strives to sustain its competitive position with increased number of flights, destinations and connections.

TAM's fleet development and renovation/restructuring programs are targeted to enhance efficiency besides enforcing strict cost control. The company's focus on economy-travel and retail products, targeted to serve rising demand across the route network, appears promising for future revenue growth.

TAM recorded EPS of $0.34 per ADR and a revenue of $2,000 million in fourth-quarter 2011. Our target price of $28.00 is derived from a P/E ratio of 14.2x 2012 EPS.
 
TAM SA-ADR ( TAM ): Free Stock Analysis Report
 
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Investing Ideas , Stocks

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