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Telecom Italia: Berenberg upgrades savings shares to 'hold'

(CercleFinance.com) - Berenberg has upgraded its rating on Telecom Italia's savings shares from "sell" to "hold" while raising its target price from 0.
35 euro to 0.42 euro.

"At Telecom Italia's 2018 results, CEO Luigi Gubitosi said he wanted TIM "to be a normal company" with CEOs who complete terms, harmonious boards and regular dividends," the German broker pointed out.

"We applaud this aspiration and think management is broadly taking the right actions, but there is a long way to go", it added in a note.

Berenberg keeps a "hold" rating for Telecom Italia ordinary shares, with a target price of 0.42 euro.

TIM ordinary and savings shares are both listed on the Italian Stock Exchange.

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