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Investor Channel is the communication channel between Pirelli and the financial community. Analysts, shareholders and web users can use the channel for direct dialogue with the Group. The blog is moderated by Pirelli Investor Relations.

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PEERS & MARKETS

The main European stock markets were up in the week from the 27th to the 2nd of March, 2012 (Milan +2.5%, London -0.5%, Frankfurt +0.8%, Paris +1%). Investors reacted positively to the liquidity injection by the ECB into the banking sector (three years, 1% interest rate), which benefited the bond market (EU government bond yields generally retreated in the week).

Auto & Parts stocks were slightly down (Stoxx index -0.6%), due to uncertainties related to rising oil prices (Brent futures $123/barrel).

Pirelli closed at €7.895 (-0.4%, in line with the sector). Broker Mediobanca upgraded the stock’s Target Price from €8 to €10, confirming the Outperform rating. According to the analyst, Q4 2011 results should confirm the good profitability trend, thanks to price/mix growth which should compensate weak volumes.

Tyre peers’ stocks performance was subdued: Michelin (-2%), Nokian (-0.4%). Continental outperformed (+2.6%) after presenting FY11 results and an optimistic market outlook for FY12.


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