Downgrade Alert for Telecom Italia (TI)
Telecom Italia (NYSE:TI) was downgraded from Overweight to Neutral at JP Morgan today. The stock closed yesterday at $7.31 on volume of 330,000 shares, below average daily volume of 449,000.
Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services in Italy and abroad. The Company offers local and long-distance telephone, satellite communications, Internet access, and teleconferencing services.
Telecom Italia share prices have moved between a 52-week high of $14.18 and a 52-week low of $7.36 and closed yesterday at -1% above that low price at $7.31 per share. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has remained constant.
Potential upside of 97.8% exists for Telecom Italia, based on a current level of $7.31 and analysts' average consensus price target of $14.46. The stock should find initial resistance at its 50-day moving average (MA) of $10.41 and further resistance at its 200-day MA of $11.70.
SmarTrend recommended that its subscribers protect gains by selling shares of Telecom Italia on April 1st, 2016 by issuing a Downtrend alert when the shares were trading at $10.30. Since that call, shares of Telecom Italia have fallen 22.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades telecom italia