Telecom Italia (TI) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Telecom Italia (NYSE:TI) from a sell rating to a hold rating in a report published on Friday.
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 also recently issued research reports about the stock. Barclays downgraded shares of Telecom Italia from an equal weight rating to an underweight rating in a report on Monday, October 1st. BNP Paribas reissued an underperform rating on shares of Telecom Italia in a report on Tuesday, September 4th. Finally, Citigroup raised shares of Telecom Italia from a sell rating to a neutral rating in a report on Monday, September 10th. Six equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $9.02.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TI. OLD Mission Capital LLC bought a new position in shares of Telecom Italia during the 2nd quarter valued at about $104,000. Wetherby Asset Management Inc. bought a new position in shares of Telecom Italia during the 2nd quarter valued at about $106,000. Tuttle Tactical Management bought a new position in shares of Telecom Italia during the 2nd quarter valued at about $179,000. Bank of New York Mellon Corp boosted its holdings in shares of Telecom Italia by 34.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 64,620 shares of the utilities provider’s stock valued at $387,000 after purchasing an additional 16,607 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Telecom Italia during the 2nd quarter valued at about $1,498,000. 0.78% of the stock is owned by institutional investors and hedge funds.
Telecom Italia Company Profile
Telecom Italia S.p.A., together with its subsidiaries, provides fixed and mobile telecommunications services in Europe, the Mediterranean Basin, and South America. It offers landline and mobile telecommunications, voice, messaging, data, Internet, and broadband services for consumers, as well as for small and medium-size enterprises, small offices/home offices, public sector clients, large accounts, and enterprises in the fixed and mobile telecommunications markets.
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