MILAN (Reuters) – Telecom Italia (TIM) is set to raise its core earnings target for this year on the back of its second-quarter results, two sources familiar with the matter said on Wednesday.
A spokesperson for TIM, which will report quarterly results later in the day, declined to comment.
TIM now sees its organic earnings before interest, tax, depreciation and amortisation (EBITDA) after lease costs fall this year at a softer pace compared with a previous forecast of a ‘mid-to-high teens’ decrease, the people said declining to be named as deliberations are ongoing and plans are not public.
In June, Chief Executive Pietro Labriola said he hoped the former phone monopoly could surprise markets with positive first-half results.
Telecom Italia shares are up 4.2% at 0.2235 euros by 1340 GMT.
(Reporting by Elvira Pollina, editing by Gianluca Semeraro)
