Telecom's stock advanced on the stock exchange, gaining more than 2% in the middle of the morning, towering over the list in sharp contrast with a Ftse Mib basket which, dragged down by Italian political tensions, is sailing in highly negative territory.
The telephone company's shares, in a very particular moment in its history, would be driven by the rumors according to which the president Franco Bernabè will resign during the next board of directors meeting, scheduled for 3 October. In his place, Telefonica would have already named the number one of Poste Italiane Massimo Sarni.
Another driving force for Telecom shares is also the judgment of JP Morgan which, following the Telco-Telefonica agreement, raised the company's rating from "underweight" to "neutral", setting the new target price at 0,60 euro. Analysts also believe that a new capital increase is still possible.
According to Mediobanca, on the other hand, “interest in the equity story is destined to remain high, as the board approaches, not only for updates on the strategic plan. We continue to see the divestment of the Brazilian business as the quickest and easiest way to solve the debt problem (we are talking about a value of 8 billion, equal to 30% of the expected debt for the current year), while a capital increase should not have the support of the main shareholder, as repeatedly reported by the press".
