Telecom Italia (NYSE:TI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released 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. “

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TI has been the subject of a number of other reports. Goldman Sachs Group upgraded Telecom Italia from a “neutral” rating to a “buy” rating and raised their target price for the company from $7.57 to $10.53 in a research note on Thursday, March 8th. Raymond James Financial lowered Telecom Italia from a “strong-buy” rating to an “underperform” rating in a research note on Wednesday, January 17th. Sanford C. Bernstein upgraded Telecom Italia from a “market perform” rating to an “outperform” rating in a research note on Friday, March 2nd. Finally, ValuEngine lowered Telecom Italia from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $7.36.

Shares of Telecom Italia (NYSE TI) opened at $9.73 on Tuesday. Telecom Italia has a 12 month low of $7.57 and a 12 month high of $10.83. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.19.

A number of hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in 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 purchasing an additional 7,887 shares during the period. Strategic Global Advisors LLC increased its position 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 worth $266,000 after purchasing an additional 9,349 shares during the period. Aperio Group LLC increased its position in Telecom Italia by 6.7% in the third quarter. Aperio Group LLC now owns 174,725 shares of the utilities provider’s stock worth $1,642,000 after purchasing an additional 10,971 shares during the period. Permian Investment Partners LP increased its position 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 worth $1,536,000 after purchasing an additional 18,200 shares during the period. Finally, Renaissance Technologies LLC increased its position in Telecom Italia by 23.2% in the fourth quarter. Renaissance Technologies LLC now owns 134,900 shares of the utilities provider’s stock worth $1,164,000 after purchasing an additional 25,394 shares during the period. 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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