PIRELLI PZERO IN HARRODS’ WINDOW

Pirelli PZero in Harrods’ window this Christmas all devoted to the Wizard of Oz.
The tin man, the famous personality born from the pen of Frank Baum, has been revised by Pirelli PZero in a completely original way: it has eyes, ears, buttons and axe in the tyre material of the unmistakable radial footprint.
To make a framework for the tin man, there is a tyre base with the new PZero sneakers from the 2010 spring-summer collection: the PZero Rex with its sole in rubberised steel and the Olympics, homage to Carl Lewis, with its sole in a soft compound TPU, both which have already given an early warning of sales success.

PEERS & MARKETS

Despite the pull back in Pirelli (-2% at € 0.42) as profit taking sets in for the week of December 14-18 2009, the stock stands among best performers in the European tyre sector, going up +59.7% since the beginning of the year, compared to +42% for Michelin and +29.5% for Continental.
Unicredit raised the target price on Pirelli & C from €.025 to €0.45 confirming a “Hold” recommendation. This upgrade is due to the cutback on the holding discount (from 40% to 15%) and the improvement on the evaluation of Pirelli Tyre, using the same multiples as its European peers.
The average target price on Pirelli settles at €0.48; a “BUY” recommendation prevails on coverage made by 18 stock analysts.
Pirelli RE ends the with a -5.2% decline, in line with the Italian Real Estate sector (Gabetti -7.7%, Risanamento -5.1%, Bastogi -3%)

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