Tim SA price target lowered to $27 from $29.50 at Scotiabank

Scotiabank analyst Andres Coello lowered the firm’s price target on Tim SA (TIMB) to $27 from $29.50 and keeps a Sector Perform rating on the shares. The stock has done little over the last six months and has lagged the Bovespa, the analyst tells investors in a research note. The firm added there is “hardly anything wrong” with Q1 numbers, but as with the rest of the Latin American telecom sector, it’s clear that highly penetrated services leave little room for growth.