Telecom Italia (NYSE:TI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
A number of other equities research analysts also recently issued reports on the company. Goldman Sachs Group downgraded Telecom Italia from a “buy” rating to a “neutral” rating in a research report on Monday, November 13th. Scotiabank reiterated an “outperform” rating and issued a $1.80 price objective on shares of Telecom Italia in a research report on Wednesday, November 8th. Raymond James Financial downgraded Telecom Italia from a “strong-buy” rating to an “underperform” rating in a research report on Wednesday, January 17th. Finally, ValuEngine downgraded Telecom Italia from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $5.90.
Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Telecom Italia by 13.5% in the third quarter. Bank of New York Mellon Corp now owns 66,100 shares of the utilities provider’s stock worth $622,000 after buying an additional 7,887 shares in the last quarter. Strategic Global Advisors LLC increased its stake in Telecom Italia by 49.2% in the third quarter. Strategic Global Advisors LLC now owns 28,339 shares of the utilities provider’s stock valued at $266,000 after acquiring an additional 9,349 shares during the last quarter. Aperio Group LLC increased 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 acquiring an additional 10,971 shares during the last quarter. Permian Investment Partners LP increased its stake in Telecom Italia by 12.5% in the third quarter. Permian Investment Partners LP now owns 163,377 shares of the utilities provider’s stock valued at $1,536,000 after acquiring an additional 18,200 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Telecom Italia in the second quarter valued at $194,000. Institutional investors own 0.75% 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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