Scotiabank Issues Positive Forecast for TIM (NYSE:TIMB) Stock Price

Key Points

• Scotiabank has raised its price target for TIM (NYSE:TIMB) from $19.10 to $23.60, indicating a potential upside of 27.09% from its previous close.
• The company has a current market capitalization of $8.99 billion and reported a quarterly earnings per share of $0.28, surpassing analyst expectations.
• While multiple brokerages have updated their ratings, the consensus rating for TIM remains "Hold" with an average target price of $20.17.

TIM (NYSE:TIMB - Get Free Report) had its target price increased by research analysts at Scotiabank from $19.10 to $23.60 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's target price suggests a potential upside of 22.55% from the stock's current price.

A number of other equities research analysts have also recently weighed in on TIMB. HSBC cut shares of TIM to a "hold" rating in a report on Friday, June 13th. Barclays upped their price objective on shares of TIM from $17.50 to $20.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Hsbc Global Res cut shares of TIM from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 12th. The Goldman Sachs Group upped their price objective on shares of TIM from $15.30 to $16.90 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen cut shares of TIM from a "strong-buy" rating to a "buy" rating in a report on Sunday, June 15th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, TIM presently has an average rating of "Hold" and a consensus target price of $20.17.

TIM Trading Up 3.1%

Shares of NYSE TIMB traded up $0.58 during midday trading on Thursday, hitting $19.26. 67,053 shares of the company traded hands, compared to its average volume of 507,445. TIM has a 12-month low of $11.32 and a 12-month high of $20.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.88 and a current ratio of 0.91. The stock has a 50-day moving average price of $18.66 and a 200 day moving average price of $16.34. The firm has a market cap of $9.32 billion, a P/E ratio of 14.92, a P/E/G ratio of 0.75 and a beta of 0.60.

TIM (NYSE:TIMB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.04. TIM had a net margin of 13.91% and a return on equity of 13.99%. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $6.62 billion. As a group, analysts expect that TIM will post 1.34 earnings per share for the current year.

Institutional Investors Weigh In On TIM

A number of institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of TIM by 7.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,658 shares of the company's stock valued at $174,000 after buying an additional 623 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of TIM by 19.3% during the second quarter. Farther Finance Advisors LLC now owns 3,956 shares of the company's stock valued at $80,000 after buying an additional 641 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of TIM by 1.3% during the first quarter. Royal Bank of Canada now owns 62,008 shares of the company's stock valued at $970,000 after buying an additional 789 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of TIM by 29.5% during the first quarter. PNC Financial Services Group Inc. now owns 4,258 shares of the company's stock valued at $67,000 after buying an additional 969 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of TIM by 27.8% during the second quarter. Parallel Advisors LLC now owns 6,233 shares of the company's stock valued at $125,000 after buying an additional 1,355 shares during the last quarter.

About TIM

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.