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.
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.
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.
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.