Telecom Italia: Oddo confirms reduce rating
(CercleFinance.com) - Broker Oddo has confirmed its Reduce rating on the Telecom Italia stock with a target price of 0.
52 euro.
Last night Vivendi announced the resignation of 8 directors from Vivendi in Telecom Italia (TI).
Last week, the activist investor Elliott asked the Italian telecom group to replace six directors, including Arnaud de Puyfontaine, the group's chairman.
TIM shareholders will elect new directors at the AGM of 4 May, which will also be an opportunity to set the group's political direction.
Vivendi is gambling here. Openly criticised in its management of TI, the group, which owns 24% of TI, is putting its grip on the Italian operator at stake, Oddo says.
The broker says that this new episode should not hide TI's fundamentals, that of an over-indebted past that will have to compete with new market entrants while it has already largely activated cost savings.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
52 euro.
Last night Vivendi announced the resignation of 8 directors from Vivendi in Telecom Italia (TI).
Last week, the activist investor Elliott asked the Italian telecom group to replace six directors, including Arnaud de Puyfontaine, the group's chairman.
TIM shareholders will elect new directors at the AGM of 4 May, which will also be an opportunity to set the group's political direction.
Vivendi is gambling here. Openly criticised in its management of TI, the group, which owns 24% of TI, is putting its grip on the Italian operator at stake, Oddo says.
The broker says that this new episode should not hide TI's fundamentals, that of an over-indebted past that will have to compete with new market entrants while it has already largely activated cost savings.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.