Telecom Italia downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank downgraded Telecom Italia to Sell from Hold with a price target of EUR 0.23, down from EUR 0.30. The prospect of a NetCo deal has supported the share price but post the deal announcement, the shares could underperform as the market reflects on a weak domestic ServeCo with a premium valuation, the analyst tells investors in a research note.