Telefonica Celular, Target
The ad is about cellular phone messaging from one phone to another, and the first image shows two guys talking and looking at something and the second image shows a single guy with a target on him. He has seemingly gotten a message sent to him from the smiling guys.
While this might otherwise seem like a gay vague ad, the word "torpedo" in Portuguese is considered slang for a sexual pass (usually done through a written note), according to the AdSpotter. That changes the ad's message dramatically. All the guys are smiling happily, so there is also no negative implication here.
This ad appeared on several outdoor billboards and then in the weekly
information magazine "Veja" (similar to Newsweek), which is conservative.