Poste Italiane: shares rise, Berenberg initiates with 'buy'

(CercleFinance.com) - Shares in Poste Italiane slightly rose on Thursday, adding 0.
7% in late morning trading, as Berenberg initiated coverage of the stock with a "buy" rating.

In a research note entitled "More than a trading stock", the German broker pointed out that the Italian postal service receives strong cash flow from its life business, supporting its attractive dividend yield, has one of the best distribution networks in Italy, with around 12,800 branches, and has a clear cost-cutting programme.

Berenberg has a 12 euro price target on the shares.

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