VimpelCom ( VIP - Analyst Report ) is the second largest cellular carrier in Russia with over 25% market share and continued expansion in regions of the Commonwealth of Independent States (CIS), operating GSMbased wireless services.
We are encouraged with VimpelCom's successful sales growth trend and the company's ability to retain subscribers on a recurring basis, even as overall economic factors remain weak.
Additionally, the ongoing expansion initiatives into emerging Asian markets are expected to boost opportunity in wireless. We reiterate our Buy rating while we account for global economic factors, ongoing geopolitical events in Russia (surrounding countries) and weaker local exchange rates against the U.S. dollar which may affect near-term earnings.
$13.43 (07/23/09)
