Scotiabank Increases TIM (NYSE:TIMB) Price Target to $29.50

Key Points

• Scotiabank raised its price target on TIM to $29.50 (from $23.60), implying about a 15.5% upside while maintaining a "sector perform" rating.
• Analyst coverage is mixed but overall positive: MarketBeat's consensus is a "Moderate Buy" with a $24.65 target, backed by a range of ratings from two Strong Buy to one Sell.
• TIM shares traded around $25.54 with a $12.36B market cap; the company beat EPS expectations ($0.52 vs. $0.48) despite slightly lower-than-expected revenue, and shows a PE of 15.97 and debt/equity of 0.58.

TIM (NYSE:TIMB - Get Free Report) had its price objective upped by equities research analysts at Scotiabank from $23.60 to $29.50 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's target price would indicate a potential upside of 15.53% from the company's current price.

TIMB has been the topic of several other research reports. Citigroup cut shares of TIM from a "buy" rating to a "neutral" rating in a research report on Wednesday, January 21st. Weiss Ratings upgraded TIM from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 16th. Barclays increased their target price on TIM from $23.50 to $26.00 and gave the stock an "equal weight" rating in a research report on Monday, March 2nd. Finally, Bank of America assumed coverage on TIM in a research note on Thursday, December 11th. They issued an "underperform" rating and a $24.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.65.

TIM Trading Up 0.1%

Shares of TIM stock traded up $0.02 during midday trading on Monday, reaching $25.54. 116,092 shares of the company's stock traded hands, compared to its average volume of 421,461. The stock has a 50 day moving average of $25.23 and a 200-day moving average of $22.95. TIM has a 12 month low of $14.18 and a 12 month high of $27.74. The company has a market cap of $12.36 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 0.65 and a beta of 0.46. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.86 and a current ratio of 0.89.

TIM (NYSE:TIMB - Get Free Report) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. TIM had a net margin of 16.28% and a return on equity of 17.84%. The business had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.30 billion. As a group, equities analysts expect that TIM will post 1.34 EPS for the current fiscal year.

Hedge Funds Weigh In On TIM

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ritholtz Wealth Management lifted its holdings in shares of TIM by 0.3% during the third quarter. Ritholtz Wealth Management now owns 150,793 shares of the company's stock valued at $3,366,000 after purchasing an additional 441 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of TIM by 53.8% in the 4th quarter. Wells Fargo & Company MN now owns 1,413 shares of the company's stock worth $27,000 after buying an additional 494 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in TIM by 23.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,619 shares of the company's stock valued at $51,000 after buying an additional 504 shares in the last quarter. Kathmere Capital Management LLC raised its stake in TIM by 4.4% during the third quarter. Kathmere Capital Management LLC now owns 14,761 shares of the company's stock valued at $329,000 after buying an additional 627 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in TIM by 5.2% during the fourth quarter. NewEdge Advisors LLC now owns 14,551 shares of the company's stock valued at $283,000 after buying an additional 714 shares during the last quarter.

TIM Company Profile

TIM SA, a telecommunications company, provides mobile voice, data, and broadband services in Brazil. The company offers in mobile, landline, long-distance, and data transmission services. It also offers fixed ultra-broadband, fixed ultraband broadband, and digital content services. The company serves individuals and corporates, as well as small, medium, and large companies. TIM S.A is based in Rio de Janeiro, Brazil. The company operates as a subsidiary of TIM Brasil Serviços e Participações SA

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