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RESEARCH ALERT-Espirito Santo Investment Bank cuts Telefonica to sell

Oct 2 (Reuters) - Telefonica SA :

* Espirito Santo Investment Bank cuts Telefonica SA to sell from

neutral

* Espirito Santo Investment Bank cuts KPN fair value to 5.30 euros

from 6.10 euros; rating sell

For a summary of rating actions and price target changes on European companies:

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