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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 down in the week from the 26th to the 30th of March, 2012 (Milan -3.1%, London -1.5%, Frankfurt -0.7%, Paris -1.5%, Madrid -3.3%). The decision to increase the European rescue fund to € 800 bln (partially expected) was not enough to balance the renewed worries surrounding the Eurozone sovereign debt.

Pirelli closes the week at €8.92 (+1.1%, with daily average volumes of 4.4 mln), outperforming the Auto & Parts index (-0.8%). In the week, broker Société Générale upped the valuation of the stock, setting the Price Target at €10.2 (from €8.20), while confirming the “Buy” rating. According to the analyst, FY 2011 results provided support to the positioning of Pirelli in the Premium segment and in Latin America.

The first quarter of 2012 marks a positive performance for Pirelli, with the stock up 37.1%, better than the European Auto & Parts index (27.8%) and Milan (+5.9%).


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PEERS & MARKETS

European stock markets were down in the week from 19th to 23d March 2012 (-3.5% Milan, London -1.9%, -2.3% Frankfurt, Paris -3.3%). Market sentiment was affected by the renewed fears of a weakening Chinese economy.

An increase in fuel prices operated by the government in Beijing (the second in the last 6 weeks) plus a warning on estimates of the auto market by Chinese producers’ association (probably less than 5% growth), weighted on the Auto&Parts sector, which was down by 4.7% in Europe.

Pirelli closed the week at € 8.83 (-1.8%) with an average daily traded volumes of approximately 5 million. Goldman Sachs (Buy, € 14.3) and Citi (Buy, TP € 10.5 from € 8.5) renewed the positive view on the stock indicating Pirelli as one of the few companies in the sector with room for upside in spite of the recent rally. The consensus target price now stands at € 9.85 with 91% of coverage with positive recommendations.


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PEERS & MARKETS

The week from 12th to 16th March was positive for the main European stock markets (+3.7% Milan, London +1.3%, +4.0% Frankfurt, Paris +3.1%) driven upward by the release of the first tranche of aid to Greece from the EU and the positive macroeconomic newsflow. The Chairman of the Fed confirmed the willingness to keep interest rates low until 2014 despite the progress observed in the labor market and the better-than-expected US leading macroeconomic indicators (employment, consumer confidence, industrial production).

Another good performance of the Auto & Parts sector with an increase of +2.5% along with Industrials (+4.0%) and Banks (+5.3%).

Pirelli, after the publication of the annual results, ended the week up by +15.0% at 8.99€ with an average daily traded volumes of more than 12 million pieces, about three times higher than last quarter.

According to analysts reports, Pirelli closes the year with a “good set of results” in line with expectations. The upward revision of guidance on profitability surprised the market by offering room for upside to consensus.  The new targets, according to analysts, adds credibility to the business plan 2012-2014.

10 brokers have revised upward the valuation on the stock (TP) by an average of EUR +1.2. The consensus Target Price is now at € 9.70 with over 90% of coverage with positive recommendations.

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