Telefonica is safe bet in financial turmoil-chmn

MADRID, April 22 (Reuters) - Spain's Telefonica (TEF.MC: Quote, Profile, Research, Stock Buzz) on Tuesday reiterated growth targets for 2008 and Chairman Cesar Alierta said the telecoms company was a sure bet in times of financial uncertainty.

In a report presented at the annual shareholders' meeting, Alierta said Telefonica's long term aim was to retain a position of leadership and that future growth would mainly stem from Latin America, the group's motor in recent years.

By 2010, Telefonica expects to have 290 million clients, 40 percent more than in 2006.

Telefonica reiterated targets set last October for core earnings (OIBDA) growth of 13 to 19 percent this year and to grow 16 to 20 percent on average annually from 2006 through 2010.

"Our current position of leadership allows us to face the future with an advantage, with our ambitions renewed and with a clear goal: to continue as long term leaders," Alierta said in a speech presented in text form, to avoid heckling from employees which traditionally drowns him out.

"Telefonica has a stable financial profile during a complex international situation," the speech said.

The meeting was held against a backdrop of catcalls as groups of employees protested about low wage increases, reclassification of staff and board salaries.

Alierta's speech said one of his targets was to improve customer services at the former monopoly and to make Telefonica "the best place to work".

The meeting approved new board members and a share buyback plan for up to 5 percent of the firm's capital. (Reporting by Elisabeth O'Leary; Editing by David Holmes)