Zacks Investment Research downgraded shares of Telecom Italia (NYSE:TI) from a strong-buy rating to a hold rating in a research note published on Saturday.
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 equities research analysts have also recently issued reports about the stock. BNP Paribas reaffirmed an underperform rating on shares of Telecom Italia in a research report on Tuesday, September 4th. Barclays cut shares of Telecom Italia from an equal weight rating to an underweight rating in a research report on Monday, October 1st. Citigroup raised shares of Telecom Italia from a sell rating to a neutral rating in a research report on Monday, September 10th. Finally, UBS Group cut shares of Telecom Italia from a neutral rating to a sell rating in a research report on Tuesday, July 10th. Six equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $6.61.
Hedge funds have recently modified their holdings of the business. OLD Mission Capital LLC acquired a new stake in Telecom Italia in the 2nd quarter valued at $104,000. Wetherby Asset Management Inc. acquired a new stake in Telecom Italia in the 2nd quarter valued at $106,000. Tuttle Tactical Management acquired a new stake in Telecom Italia in the 2nd quarter valued at $179,000. Jane Street Group LLC acquired a new stake in Telecom Italia in the 2nd quarter valued at $1,498,000. Finally, CWM LLC increased its stake in Telecom Italia by 37.6% in the 2nd quarter. CWM LLC now owns 434,705 shares of the utilities provider’s stock valued at $3,191,000 after buying an additional 118,690 shares during the last quarter. Hedge funds and other institutional investors own 0.77% of the company’s stock.
About Telecom Italia
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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