Major European stock markets were down in the week from November 12 to November 16, 2012 (Milan -2.1%, London -2.8%, Frankfurt -3.0%, -2.4% Paris, Madrid -0.6%) after disappointing U.S. macroeconomic data on industrial production in October (-0.4%, below expectations) and unemployment (Job claimnx were 22% more than the previous month). On the European side, the maturity of the Greek sovereign debt and German economic data showing a slowdown in GDP in the third quarter (+0.2% vs. +0.3% expected) continue to worry investors.
Auto&Parts stocks were down as well (-2.6% Stoxx reference) following October car registrations data in Europe still down compared to the same month of 2011 (-4.8%).
Pirelli closed the week at € 8,025 (-6.1%, +23.4% performance year to date) with an average daily trading volume of just over 3 million. The average target price updated after the results of the first 9 months of 2012 reported earlier this week, stands at € 10 (+25% upside on the Friday closing price); 91% of the coverage with a positive recommendation on the title (57% Buy rating).