Bank of America Upgrades TIM (NYSE:TIMB) to "Neutral"

Key Points

• Bank of America upgraded TIM from “underperform” to “neutral,” while the broader analyst consensus remains “Hold” with an average price target of $24.82.
• TIM shares rose 2.0% to $18.35, near the lower end of their 52-week range of $17.14 to $28.22.
• The company reported quarterly earnings of $0.42 per share on $1.35 billion in revenue, with analysts expecting full-year earnings of approximately $1.82 per share.

TIM (NYSE:TIMB - Get Free Report) was upgraded by equities researchers at Bank of America from an "underperform" rating to a "neutral" rating in a note issued to investors on Tuesday, Marketbeat reports.

TIMB has been the subject of several other reports. Barclays lowered their price objective on shares of TIM from $28.00 to $24.00 and set an "equal weight" rating for the company in a research note on Friday, July 10th. Wall Street Zen lowered shares of TIM from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. Santander raised TIM from a "neutral" rating to an "outperform" rating in a research note on Monday, June 22nd. Weiss Ratings raised TIM from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday. Finally, Morgan Stanley restated a "market perform" rating and set a $22.00 price target on shares of TIM in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $24.82.

TIM Trading Up 2.0%

Shares of NYSE TIMB traded up $0.37 during mid-day trading on Tuesday, hitting $18.35. The stock had a trading volume of 87,807 shares, compared to its average volume of 457,702. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.85. TIM has a 1 year low of $17.14 and a 1 year high of $28.22. The business has a 50 day moving average price of $18.29 and a two-hundred day moving average price of $21.48. The firm has a market cap of $8.78 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 1.20 and a beta of 0.33.

TIM (NYSE:TIMB - Get Free Report) last announced its quarterly earnings results on Wednesday, June 17th. The company reported $0.42 earnings per share for the quarter. The business had revenue of $1.35 billion during the quarter. TIM had a net margin of 15.73% and a return on equity of 17.99%. On average, equities analysts anticipate that TIM will post 1.82 EPS for the current fiscal year.

Hedge Funds Weigh In On TIM

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of TIM by 199.8% in the first quarter. Bank of America Corp DE now owns 251,330 shares of the company's stock worth $6,658,000 after acquiring an additional 167,504 shares during the last quarter. Assetmark Inc. raised its position in shares of TIM by 19.0% in the 1st quarter. Assetmark Inc. now owns 490,478 shares of the company's stock worth $12,993,000 after purchasing an additional 78,379 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of TIM by 55.5% in the 1st quarter. Hsbc Holdings PLC now owns 135,167 shares of the company's stock worth $3,578,000 after purchasing an additional 48,232 shares during the last quarter. RFG Advisory LLC purchased a new position in shares of TIM in the 1st quarter worth about $577,000. Finally, Nykredit A S bought a new position in TIM in the 2nd quarter worth about $370,000.

About TIM

TIM SA is a Brazilian telecommunications company that provides mobile and fixed-line communications services to consumers, businesses and government customers. Its offerings include voice and messaging, mobile data, broadband internet, digital services and related connectivity solutions.

The company operates a nationwide telecommunications network in Brazil and serves customers through retail stores, digital channels and business-focused sales operations. TIM also provides enterprise services such as connectivity, information technology and communications solutions, including products related to the Internet of Things, cloud computing and managed networks.

TIM SA traces its roots to the launch of TIM Brasil in the late 1990s and is part of the Telecom Italia Group.

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