04:30 AM EDT, 05/31/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We retain our Buy recommendation on Telecom Italia (TIT), with the same target price of USD3.50. This represents a 2024 EV/EBITDA of 6.2x, a premium to its long-term average multiples of around 5.7x, which we think is justified on a longer-term basis as TIT's recent challenges have dampened its EBITDA. Q1 2024 revenue was EUR3.9 billion, up 1.2% Y/Y, as service revenues were up 3.2%. TIT has now officially set up a NetCo comprising its domestic fixed network assets and associated operations. This leaves its main operations in its ServCo, which comprises its Consumer and Enterprise businesses. ServCo results are strong in Q1 2024 with a 2.8% increase in total revenues and 3.4% increase in service revenues. Q1 2024 organic EBITDAaL increased 3.0% Y/Y to EUR1,500 million. EBITDAaL grew 22.7% in Q1 2024 in Brazil to EUR406 million and declined 4.6% in Domestic at EUR872 million. TIT has received regulatory approval to sell its domestic fixed line network to KKR, which we view positively.