'A new & improved TIM emerging'; BofA ups to 'buy'
** Shares in Telecom Italia (TIM) TLIT.MI rise more than 3% after BofA Global Research upgrades the stock to "buy" from "hold" ahead of its Capital Markets Day scheduled for March 7
** Italy's biggest phone group is set to outline prospects for residual service network, as its fixed-line network assets will be sold to U.S. fund KKR KKR.N
** TIM plans to finalise the sale -- worth up to 22 billion euros ($24 billion) -- later this year, subject to an approval from the EU antitrust regulator
** "This is game-changing," BofA says, pointing to the fact that the sale will "remove the shackles of debt" from TIM
** It adds TIM's new valuation, implied in current share price, is attractive at c4x EV/EBITDA and 10% cash yield puts the group back on the investment radar
** The stock is among the top performers on the European benchmark STOXX 600 index .STOXX
($1 = 0.9281 euros)
Reporting by Federica Urso
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