Telecom Italia (NYSE:TI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.
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 equities research analysts have also weighed in on the company. Goldman Sachs Group upgraded Telecom Italia from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.57 to $10.53 in a report on Thursday, March 8th. Sanford C. Bernstein upgraded Telecom Italia from a “market perform” rating to an “outperform” rating in a report on Friday, March 2nd. ValuEngine lowered Telecom Italia from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Raymond James Financial lowered Telecom Italia from a “strong-buy” rating to an “underperform” rating in a report on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $7.36.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its holdings in Telecom Italia by 13.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 66,100 shares of the utilities provider’s stock worth $622,000 after purchasing an additional 7,887 shares during the last quarter. Strategic Global Advisors LLC lifted its holdings in shares of Telecom Italia by 49.2% during the third 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 last quarter. Aperio Group LLC lifted its holdings in shares of Telecom Italia by 6.7% during the third 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 last quarter. Permian Investment Partners LP lifted its holdings in shares of Telecom Italia by 12.5% during the third 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 last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Telecom Italia by 23.2% during the fourth quarter. Renaissance Technologies LLC now owns 134,900 shares of the utilities provider’s stock worth $1,164,000 after buying an additional 25,394 shares during the last quarter. Hedge funds and other institutional investors own 0.73% of the company’s stock.
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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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