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Emerging-Market ADRs: Winners and Losers

4. TAM (TAM), a Brazil-based airline company, provides domestic and international air transportation services. The company operates scheduled passenger and cargo transport routes to 42 cities and serves an additional 40 domestic destinations through regional alliances. The stock accumulated 7.5% at close last week.

Of the nine analysts covering the stock, 78% recommend a buy and the rest suggested hold. There are no sell ratings on the stock. A Bloomberg poll expects the stock to gain an average 14.4% to $26.84 in the upcoming 12 months.

Last week, the stock advanced on speculation that Chile's antitrust tribunal will approve LAN's $4.1 billion takeover of TAM. Meanwhile, German regulators have approved the tie-up, raising optimism of a favourable ruling in Chile. LAN and TAM both fly passenger routes to Frankfurt; LAN also has cargo operations in Germany. Besides, TAM has a code-share agreement with the German airline Deutsche Lufthansa.

The merger will create Latin America's largest airline and one of the 10 biggest airline companies of the world.
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