Turk Telekom Gains Most in 4 Months After Goldman Says Buy

Turk Telekomunikasyon AS (TTKOM), Turkey’s largest landline telephone company, rose the most in more than four months after Goldman Sachs Group Inc. (GS) upgraded the stock to buy from neutral.

Turk Telekom added 3.7 percent to 6.74 liras at the close in Istanbul trading, the biggest gain since Feb. 1.

“Further news on tariff dynamics in Turkey as well as the growth of the wireless market should revitalize investor interest in the stock and support a re-rating,” Goldman Sachs said in an e-mailed report today. “We expect it to achieve the fastest growth among central and eastern Europe, Middle East and Africa fixed-line incumbents.”

The 12-month price estimate is 8.05 liras, according to the report.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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