UPDATE: Barclays Upgrades Telefonica SA to Equal-Weight; Growth Recovering

Barclays upgraded Telefonica SA (NYSE: TEF ) from Underweight to Equal-weight. Barclays commented, "Recovering growth in Latam and dramatically reduced costs in Spain should lead to stable underlying group revenues and EBITDA in 2013. Investors are likely to focus on improved earnings direction in Spain. The extent of Venezuela and