Tim SA downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Tim SA to Equal Weight from Overweight with a price target of $18, up from $16. Telecom Italia has made significant progress on the NetCo sale, but the stock has barely reacted, the analyst tells investors in a research note. The firm says the price offered was below expectations, but part of the earn-outs are likely to be received. It believes the market is taking a very cautious view on the outcome of the clash with Vivendi, which contrasts with Telecom Italia’s confidence.