Fears about the economy pushed European stock exchanges down, closing over 4 percentage points down on the week 28 June to 2 July 2010 (Milan, -4.4%, London –4.1%, Paris –4.9%, Frankfurt –3.9%). Sales were stimulated by the worse-than-expected US macroeconomic data (unemployment, consumer confidence and property sales).
Pirelli shares (4% down at € 0.444) fell less than other European auto industry shares (reference index –4.8%) due in part to the positive views expressed by Equita (BUY with a Target Price of € 0.54) and Chevreux (Outperform and a Target Price up from € 0.51 to € 0.55 ), which saw Pirelli Tyre estimates rise against the market trend. .
The average consensus valuation of Pirelli & C was € 0.53, with 83% Buy recommendations on a coverage of 21 brokers.
The negative data on the US property market pushed real estate shares down, with Pirelli RE at € 0.322 (-.83%).