PEERS & MARKETS
European stock markets were down in the week from the 22nd to the 26th of October 2012 (Milan -1.7%, London -1.5%, Frankfurt -2%, Paris -2%, Madrid -1.7%). Market sentiment weakened due to poor EU manufacturing data – PMI Euro area contracted, as well as Germany IFO, down for 6 straight months – as well as Q3 results below expectations for a number of global Blue Chip companies; Chemical stocks (-2.2%) and Telecoms (-3%) lagged other sectors during the week.
Auto & Parts stocks edged down as well (-2.2% in the week) following disappointing Q3 results and lowered 2012 targets for several Auto and Component makers; broker Goldman Sachs, moreover, lowered its global light vehicle production estimates for the years 2012-2014 (new estimates: +4.9% in 2012, +2.8% in 2013, +5% in 2014).
European tyre stocks advanced in the week, outperforming the overall market. Pirelli ended the week at €8.53, up 1.5 percentage points with a daily average traded volume of approximately 2.6 million shares. Average Target Price was unchanged in the week at €10.3 (20% above Friday’s close price), as well as the percentage of analysts with a positive recommendation on the stock, 92% of total.
Categories: Peers Analysis Pirelli
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