Poste Italiane’s Stake in Telecom Italia Reaches 86.95% as JPMorgan Rating Remains Unconfirmed
Key Facts
Poste Italiane’s stake in Telecom Italia stood at 86.95% as of October 2, according to S&P Global Ratings, which affirmed the company’s credit ratings at BBB+/A-2 on October 21 and maintained a positive outlook. But Poste Italiane’s investor relations page does not confirm that JPMorgan initiated coverage of the stock with an “overweight” rating, as stated in an account circulating on October 27. The page lists the bank’s analyst, Farooq Hanif, as “not rated,” with an update dated March 22, 2026. The page had indicated that its latest update was on October 26, a day before the claim circulated. The article attributed as the source of the news could not be opened, so the available sources do not establish that JPMorgan issued the assessment or linked it to the acquisition of Telecom Italia.
The 86.95% stake marks an increase from the 85.82% stake cited in an earlier EL7 report on September 25, which said Poste Italiane had failed to delist Telecom Italia shares after acquiring that stake. On September 30, Telecom Italia announced that Poste Italiane had begun exercising direction and coordination over it. The announcement sets out a governance measure between the two companies, but by itself does not establish that a broader operational integration has been carried out or that savings have been realized. The announced steps should therefore be distinguished from the account attributing a strategic assessment of the deal to JPMorgan; the available materials do not support attributing that assessment to the bank.
In its announced presentation in March, Poste Italiane described the combination of the two companies as creating an integrated group and estimated annual revenue and cost synergies of 0.7 billion euros once fully phased in. That figure is the company’s forward-looking estimate under the terms of the deal, not a result already achieved. The offer also set total consideration at 0.635 euros for each Telecom Italia share, comprising 0.0218 new Poste Italiane shares and 0.167 euros in cash. The company said at the time that completion of the deal was expected by the end of 2026. These terms set out the financial framework Poste Italiane presented to shareholders, but do not confirm the contents of a recommendation attributed to JPMorgan.
In a separate assessment, Bank of America on October 26 raised its price target for Poste Italiane to 35 euros from 32 euros, while maintaining a “buy” rating, according to Teleborsa. The report said the bank had included Telecom Italia’s integration in its base-case estimates and projected that earnings per share in 2028–2030 could rise by between 18% and 25%. These estimates belong to Bank of America and do not independently confirm or replace a JPMorgan recommendation. The distinction remains clear between a published analysis with a specified percentage and price target, and the report of coverage attributed to JPMorgan, which is not supported by the available analyst page.
The company is due to present its third-quarter and first nine-month results for 2026, along with an update on Telecom Italia’s integration, in a live presentation and investor call on November 12 at 11:00 Central European Time, according to Poste Italiane’s schedule. The date follows the company’s announcement that it expects to complete the deal by year-end, while estimates of annual savings remain tied to the fully phased-in stage. The results presentation and update are expected to provide more recent information on the deal’s progress, according to the company’s event schedule. Until then, the stake, S&P Global Ratings’ rating and the published deal details remain the facts established by the available materials, which do not confirm a new JPMorgan rating.