Zacks Investment Research downgraded shares of TIM PARTICP-ADR (TSU) from NEUTRAL to UNDERPERFORM on May 24, 2012, with a target price of $23.10.
TIM PARTICIPA ES S.A. is a holding company, the single company in Brazil to offer mobile cellular service throughout the Brazilian territory, by means of its subsidiaries TIM Celular S.A. and TIM Nordeste S.A. The company is the largest GSM (Global System for Mobile communications) operator of the country, in terms of clients and revenues and TIM Participa es ended the 3Q08 with 35.2 million clients and a market share of 25%.
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