Barclays Maintains Overweight Rating for TIM: Here's What You Need To Know

Barclays has decided to maintain its Overweight rating of TIM TIMB and lower its price target from $16.50 to $16.00.

Shares of TIM are trading down 3.78% over the last 24 hours, at $11.46 per share.

A move to $16.00 would account for a 39.62% increase from the current share price.

About TIM

TIM is one of the top three wireless carriers by subscribers in Brazil, with 52 million subscribers, equal to about 20% of the market. TIM also owns some fixed-line assets, including an extensive long-haul fiber network and local networks that reach about 6.7 million locations (a bit less than 10% of the country). The firm is investing to expand its fiber network to more customer locations, including through its minority ownership in an infrastructure partnership. TIM leases capacity on the venture's network to serve retail customers. The company is 67%-owned by Telecom Italia.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.