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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

European stock markets were mixed in the week from the 12th to the 16th of May 2014 (London +0.6%, Frankfurt +0.5%, Paris -0.5%, Madrid -0.1%), as Eurozone GDP growth fell short of expectations: +0.2% as compared with Q4 2013, estimates of +0.4% growth. The Milan stock exchange underperformed (-3.5% in the week), after Italy’s GDP unexpectedly contracted (-0.1% vs expectations of +0.2%). Concerns over the pace of recovery of the European economy led investors to reduce exposure to the most cyclical sectors: media -2.2%, travel and leisure -3.3%, construction -1.9%.

Auto & parts stocks were down approximately 1.5 percentage points, mass OEMs in particular. According to data published by ACEA, car sales growth in Europe is slowing down (+4.2% yoy in April, +7.1% YTD).

Pirelli shares closed the week at 11.47€ (-3.8%) with an average volume of 2.4 million shares traded per day (-32% vs three-month average), contracting in line with European tyre peers. Consensus target price stood at 12.68€ with 84% of analysts recommending to buy or hold the shares.


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