Telecom Italia: UBS cuts target price

(CercleFinance.com) - UBS has cut its target price for Telecom Italia, seeing several reasons to stay cautious after the shares have risen by almost 10% over the past month.


The broker has cut its target price for the stock to 0.42 euro from 0.50 euro, but is maintaining its "sell" rating on the stock.

"Notwithstanding the merits of TI's new CEO we see no grounds for a turnaround as this would likely require shareholders' willingness to recapitalise TI," UBS says in a note.

The Telecom Italia share is currently down 0.4% at 0.48 euro in Milan.

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