Telecom Italia SpA (NYSE:TI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $9.50 target price on the utilities provider’s stock. Zacks Investment Research’s price objective suggests a potential upside of 6.50% from the company’s current price.
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. “
Telecom Italia SpA (NYSE:TI) opened at 8.92 on Friday. The stock has a market cap of $18.79 billion, a P/E ratio of 10.02 and a beta of 1.52. Telecom Italia SpA has a 52 week low of $6.95 and a 52 week high of $10.08. The company has a 50-day moving average of $8.63 and a 200-day moving average of $8.41.
Several hedge funds and other institutional investors have recently bought and sold shares of TI. CWM LLC bought a new position in Telecom Italia SpA during the first quarter worth approximately $730,000. OLD Mission Capital LLC increased its position in Telecom Italia SpA by 160.8% in the third quarter. OLD Mission Capital LLC now owns 68,353 shares of the utilities provider’s stock worth $582,000 after buying an additional 42,147 shares in the last quarter. Gabelli Funds LLC increased its position in Telecom Italia SpA by 0.8% in the fourth quarter. Gabelli Funds LLC now owns 376,000 shares of the utilities provider’s stock worth $3,343,000 after buying an additional 3,000 shares in the last quarter. Finally, Permian Investment Partners LP increased its position in Telecom Italia SpA by 1.0% in the third quarter. Permian Investment Partners LP now owns 207,297 shares of the utilities provider’s stock worth $1,718,000 after buying an additional 2,000 shares in the last quarter. 0.70% of the stock is owned by institutional investors.