TIM (TI) Upgraded to “Hold” by Zacks Investment Research

TIM (NYSE:TI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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 research analysts have also recently issued reports on TI. Raymond James cut shares of TIM from a “strong-buy” rating to an “underperform” rating in a report on Wednesday, January 17th. Goldman Sachs upgraded shares of TIM from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $7.57 to $10.53 in a report on Thursday, March 8th. Sanford C. Bernstein upgraded shares of TIM from a “market perform” rating to an “outperform” rating in a report on Friday, March 2nd. ValuEngine cut shares of TIM from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Citigroup cut shares of TIM from a “neutral” rating to a “sell” rating in a report on Wednesday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $7.36.

TI opened at $8.99 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 1.18. TIM has a fifty-two week low of $9.10 and a fifty-two week high of $9.21.

A number of hedge funds and other institutional investors have recently modified their holdings of TI. CWM LLC grew its holdings in TIM by 132.1% during the fourth quarter. CWM LLC now owns 247,502 shares of the utilities provider’s stock valued at $2,136,000 after purchasing an additional 140,868 shares during the period. Jane Street Group LLC grew its holdings in TIM by 816.8% during the fourth quarter. Jane Street Group LLC now owns 107,994 shares of the utilities provider’s stock valued at $932,000 after purchasing an additional 96,214 shares during the period. Raymond James & Associates grew its holdings in TIM by 14.5% during the fourth quarter. Raymond James & Associates now owns 242,315 shares of the utilities provider’s stock valued at $2,091,000 after purchasing an additional 30,751 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in TIM by 23.2% during the fourth quarter. Renaissance Technologies LLC now owns 134,900 shares of the utilities provider’s stock valued at $1,164,000 after purchasing an additional 25,394 shares during the period. Hedge funds and other institutional investors own 0.75% of the company’s stock.

About TIM

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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