Major world stock markets open 2010 with gains of over two percentage points in the first week of trading. Strong performance especially by banking stocks (+6.2% European Reference Index) and by the cyclical sector (+3.4% for auto parts, +4.0% for industrials and +7% basic resources).
Pirelli is among top gainers from the Milan Stock Exchange, ending the week with a gain of 5.4% at €0.443, significantly outperforming the sector index (+2 percentage points) and the Italian blue-chip index (+3 percentage points). Centrobanca upgraded Pirelli this week and raised the target price from €0.47 to €0.49. The consensus target price for Pirelli settled at €0.48 by coverage made by 18 brokers; 71% BUY and 29% HOLD.
Pirelli RE ends the week with a +4.1% increase, outperforming the Italian real estate sector (Beni Stabili +2.6%, Risanamento -0.1% and Brioschi -3.7%).
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