Zacks Investment Research upgraded shares of Telecom Italia (NYSE:TI) from a sell rating to a hold rating in a research note released on Thursday morning.
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. “
TI has been the subject of a number of other research reports. Morgan Stanley cut shares of Telecom Italia from an overweight rating to an equal weight rating in a report on Tuesday, November 13th. Sanford C. Bernstein lowered shares of Telecom Italia from a market perform rating to a sell rating in a report on Wednesday, November 14th. Goldman Sachs Group lowered shares of Telecom Italia from a buy rating to a neutral rating in a report on Tuesday, November 27th. Barclays lowered shares of Telecom Italia from an equal weight rating to an underweight rating in a report on Monday, October 1st. Finally, TheStreet lowered shares of Telecom Italia from a c- rating to a d rating in a report on Friday, November 9th. Seven equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Telecom Italia currently has a consensus rating of Sell and an average price target of $9.02.
Several hedge funds have recently made changes to their positions in the company. Marshall Wace LLP acquired a new stake in shares of Telecom Italia during the 3rd quarter worth approximately $148,000. First Foundation Advisors grew its position in Telecom Italia by 123.6% in the 3rd quarter. First Foundation Advisors now owns 139,174 shares of the utilities provider’s stock valued at $835,000 after purchasing an additional 76,933 shares during the period. Blair William & Co. IL acquired a new stake in Telecom Italia in the 3rd quarter valued at $178,000. Bank of New York Mellon Corp grew its position in Telecom Italia by 34.6% in 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 period. Finally, CWM LLC grew its position in Telecom Italia by 31.9% in the 3rd quarter. CWM LLC now owns 573,494 shares of the utilities provider’s stock valued at $3,441,000 after purchasing an additional 138,789 shares during the period.
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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