30/03/2010

PEERS & MARKETS

A positive week for European markets closing up by over one per cent, in part thanks to the agreement reached for the Greek rescue plan involving the Eurozone countries and the International Monetary Fund. The highest rises were among shares related to basic resources, industry and Auto & Parts.
Pirelli closed at €0.457, up by 4.2% and performing better than the Italian blue chips index of 2.5pp (+1.3pp vs DJ Stoxx Auto). Behind this positive trend of the share price was Unicredit’s upgrade to Buy reflecting a positive outlook on the tyre business and the reduction of the holding discount.
The consensus on the Target Price is currently around 0.51€; with Buy the recommendation given by about 90% of analysts.
Pirelli RE closed at €0.46 down by 0.9%.