PEERS & MARKETS
The week 10 to 14 January was a positive one for the financial markets: Milan +4.5%, London +0.3%, Frankfurt +1.8%, Paris +3.0%. The success of the Portuguese and Spanish bond auctions has mitigated fears about the debts of peripheral euro area countries and shifted the focus of investors to banks: reference index +6.2%, best sector at European level.
Pirelli closed 2.7% down. Despite the positive view expressed by Kepler (which maintained its Buy recommendation and Target price of €7.6, catalyst: geographical diversification, exposure on premium and management quality) which recommends investment in Pirelli for 2011, the share price is affected by profit taking by banks and financial institutions as well as sector concerns about the trend in raw material costs.
Categories: Peers & Markets Pirelli
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