The escalating spread of homophobic and transphobic rhetoric in both online and offline spaces has become a growing global concern, with Italy standing out as one of the countries where acts of violence against LGBTQIA+ individuals persist and increase year after year. This short paper study analyzes hateful language against LGBTQIA+ individuals in Italian using novel annotation labels for aggressiveness and target. We assess a range of multilingual and Italian language models on this newannotation layers across zero-shot, few-shot, and fine-tuning settings. The results reveal significant performance gaps across models and settings, highlighting the limitations of zero- and few-shot approaches and the importance of fine-tuning on labelled data, when available, to achieve high prediction performance.