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Telecom Italia: Bryan Garnier no longer a seller

(CercleFinance.com) - Bryan Garnier has upgraded the Telecom Italia stock from "sell" to "neutral," placing its "fair value" under review after the Italian phone group published full-year 2017 results together with an updated 2018-2020 strategic plan.

In a report sent to clients, the broker pointed out that in particular the new strategic plan includes aggressive cost-cutting.

"Although the plan does not seem to exceed consensus expectations much, we think it should help secure the risk from Iliad's forthcoming entry and reassure investors," it said.

Bryan Garnier also noted that fourth-quarter 2017 organic results were "good," globally in line with the consensus, with performance driven by wireline and Brazil.

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