Telecom Italia: Bryan Garnier ups fair value, seeing upside
(CercleFinance.com) - Bryan Garnier said it is maintaining its "neutral" rating on Telecom Italia given uncertainties generated by Iliad's upcoming launch on the market, although has raised its "fair value" on the stock from 0.
78 euro to 0.90 euro, now reflecting upside potential.
The broker believes the latest developments might positively impact the share price, in particular, the possible sale of a minority stake in TIM's fixed access network.
Despite this, Bryan Garnier thinks it is "too soon" for a further re-rating.
"When visibility on Iliad's impact improves, a sharp re-rating of the stock can be expected," it wrote in a report sent to clients.
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.
78 euro to 0.90 euro, now reflecting upside potential.
The broker believes the latest developments might positively impact the share price, in particular, the possible sale of a minority stake in TIM's fixed access network.
Despite this, Bryan Garnier thinks it is "too soon" for a further re-rating.
"When visibility on Iliad's impact improves, a sharp re-rating of the stock can be expected," it wrote in a report sent to clients.
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.