Telecom Italia (NYSE:TI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The brokerage presently has a $10.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.11% from the stock’s current price.
According to Zacks, “The Telecom Italia Group is engaged principally in the communication sector that operates mainly in Europe, the Mediterranean Basin and South America. This includes telephone and data services on fixed lines (for final retail customers and wholesale providers), the development of fiber optic networks for wholesale customers, BroadBand services, Internet services, domestic and international mobile telecommunications (especially in Brazil), and the television sector using both analog and digital terrestrial technology. The Group also operates businesses in the office products sector. “
Several other research firms also recently weighed in on TI. Raymond James Financial downgraded Telecom Italia from a “strong-buy” rating to an “underperform” rating in a report on Wednesday. Goldman Sachs Group downgraded Telecom Italia from a “buy” rating to a “neutral” rating in a report on Monday, November 13th. Finally, Scotiabank reissued an “outperform” rating and set a $1.80 price objective on shares of Telecom Italia in a report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $5.90.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its holdings in shares of Telecom Italia by 13.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 66,100 shares of the utilities provider’s stock valued at $622,000 after acquiring an additional 7,887 shares in the last quarter. Strategic Global Advisors LLC lifted its holdings in Telecom Italia by 49.2% during the 3rd quarter. Strategic Global Advisors LLC now owns 28,339 shares of the utilities provider’s stock worth $266,000 after buying an additional 9,349 shares during the period. ETRADE Capital Management LLC acquired a new position in Telecom Italia during the 2nd quarter worth about $100,000. Aperio Group LLC lifted its holdings in Telecom Italia by 6.7% during the 3rd quarter. Aperio Group LLC now owns 174,725 shares of the utilities provider’s stock worth $1,642,000 after buying an additional 10,971 shares during the period. Finally, Permian Investment Partners LP lifted its holdings in Telecom Italia by 12.5% during the 3rd quarter. Permian Investment Partners LP now owns 163,377 shares of the utilities provider’s stock worth $1,536,000 after buying an additional 18,200 shares during the period. 0.74% of the stock is currently owned by institutional investors.
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Telecom Italia Company Profile
Telecom Italia S.p.A. (Telecom Italia) operates fixed voice and data infrastructure in Italy, and provides mobile network platforms. The Company focuses on various areas of digital services, including Enriched Communication, Trusted Digital Life, Business Life, Indoor Life, Mobile Open Life and Digital Entertainment.
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