Scotiabank Upgrades TIM S.A. (TIMB) to Sector Outperform

Scotiabank analyst Andres Coello upgraded TIM S.A. (NYSE: TIMB) from Sector Perform to Sector Outperform with a price target of $24.80 (from $17.50).

The analyst commented: "We missed the VIV rally but see an opportunity in TIMB, which we expect to deliver a 14.0% EFCF yield (BRL) in the next twelve months (12.7% in USD). The company is poised to continue benefiting from wireless consolidation, tower rationalization and the future adoption of SCS. VIV’s exposure to fixed and the possible acquisition of ISPs at irrational valuations represent a significant downside risk to cash flow."

For an analyst ratings summary and ratings history on TIM S.A. click here. For more ratings news on TIM S.A. click here.

Shares of TIM S.A. closed at $17.00 yesterday.

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