08/06/2010

PEERS & MARKETS

Uncertainty about economic growth and the weakness of the euro have dominate the performance of European stock markets in the week 31 May to 4 June: -3.8% Milan, -1.3% London, -1.7% Paris.
In Milan, banks securities were particularly affected (European sector -3.5%) offset by industrial stock and securities with a high degree of geographical diversification.  This was reflected for Pirelli & C shares, which closed the week 6.6% up at  €0.451, clearly outperforming the industry index (+0.4% DJ Stoxx Auto & Parts) and its European peers (Michelin +0.7%, Continental -0.6%).
Analysts’ valuation of Pirelli & C shares remained stable: target price 0.52€ and recommendations that were predominantly to BUY (88% of coverage)
Pirelli RE also performed well, closing at €0.345 (+0.4%), in contrast to the negative performance of its main peers (Risanamento -1.2%, Beni Stabili -1.5%).

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