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Telecom Italia: RBC Capital Markets cuts target price.

(CercleFinance.com) - RBC Capital Markets maintains its "outperform" rating on Telecom Italia, but has cut its target price on the stock from 1.
30 euro to 1.25 euro, citing high promotional activity.

In a research note, the Canadian broker says that the next six months are going to provide "clarity" on the strategy that Italy's biggest phone group is deploying in fibre and Iliad's impact on the market.

"Still we believe the fundamentals of the company are in the right direction," RBC writes in the report.

In particular RBC expects a re-rating of the shares, as Telecom Italia's broadband performance should continue to improve.

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