Telecom Italia (TI) Lifted to Buy at Zacks Investment Research
Telecom Italia (NYSE:TI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The brokerage currently has a $10.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.11% from the company’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. “
Other research analysts have also issued research reports about the stock. Raymond James Financial lowered shares of Telecom Italia from a “strong-buy” rating to an “underperform” rating in a research note on Wednesday, January 17th. Goldman Sachs Group lowered shares of Telecom Italia from a “buy” rating to a “neutral” rating in a research note on Monday, November 13th. Finally, Scotiabank reissued an “outperform” rating and set a $1.80 price objective on shares of Telecom Italia in a research note on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $5.90.
A number of institutional investors have recently added to or reduced their stakes in TI. Bank of New York Mellon Corp boosted its stake in Telecom Italia by 35.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,213 shares of the utilities provider’s stock worth $544,000 after acquiring an additional 15,381 shares during the last quarter. ETRADE Capital Management LLC bought a new position in Telecom Italia during the 2nd quarter worth approximately $100,000. Stifel Financial Corp bought a new position in Telecom Italia during the 2nd quarter worth approximately $1,225,000. Arrowstreet Capital Limited Partnership bought a new position in Telecom Italia in the second quarter valued at approximately $194,000. Finally, Aperio Group LLC lifted its stake in Telecom Italia by 6.7% in the third quarter. Aperio Group LLC now owns 174,725 shares of the utilities provider’s stock valued at $1,642,000 after buying an additional 10,971 shares in the last quarter. 0.74% of the stock is currently owned by institutional investors and hedge funds.
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About Telecom Italia
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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