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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 week definitely started with a downturn in the major European market (Milan -4.1%, London -2.1%, Frankfurt -2.6%, Paris -2.1%, Madrid -2.2%). Tensions over Spain’s debt (spread Bonos-Bund at 415 points) and the uncertain outcome of elections in Greece and France are making markets very volatile and encourage selling. The negative sentiment is also fuelled by U.S. macroeconomic data on new jobs and unemployment, which proved to be worse than expected.

Bearish attitude also in the Auto&Parts Industry (-4.7%), after the strong rebound earlier in the year (up +20.5% since January 1, 2012).

Pirelli closes the week at 9.355€ (+0.6%) against the trend of the sector and of the reference market. Over 5 million shares, the daily average of dealings. HSBC upgraded Pirelli stock to 15€ (from 12€), confirming its “Overweight” recommendation. The average Consensus Target Price, therefore, goes up to 10.3€ with 96% of analysts covering the stock giving positive recommendations.


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PEERS & MARKETS


Enduring fears about the situation in Ireland forced prices down in the week 22 to 26 November 2010.
In terms of sector, financial securities were hit particularly hard (banks –4.9%, insurance companies –4.5%).

 The tyre segment was uncertain, after the downgrading of the sector by HSBC in view of the recent rally in natural rubber prices.

Pirelli closed the week at € 6.1, in line with Continental, Michelin fell by 2.4%. Pirelli volumes were in line with the average for the last month.
Pirelli upgraded by Equita (BUY, target price from €7.2 from €7.0). The broker has a positive view on the MoU signed with Russian Technologies and Sibur Holding to develop joint activities in the tyre and steelcord sectors, and in the supply and production of synthetic rubber derivatives in Russia.
Following Equita, the agreement will allow Pirelli to rapidly enter the Russian market with a technology compatible with Pirelli standards


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PEERS & MARKETS

PEERS&MARKETS 14.06-18.06.10Pirelli ends the week June 14-18 at € 0.483 (+2.2%) after reaching a high of € 0.50, corresponding to the price on September 2008 before the collapse in the stock market. Pirelli remains the among the best performing stocks of the FTSE Mib (+15%) since the beginning of the year.
HSBC initiated coverage on Pirelli with an Overweight recommendation and target price of €0.55.  According to HSBC, Pirelli is among favourite stock picks of the European tyre sector due to its product positioning and its strong presence in Latin America.
In view of the plan for separation of Pirelli RE, Intermonte raised the target price on Pirelli to €0.53 (from €0.52). The holding discount (12%) cancellation is more than enough to offset the cancellation of the shareholding in Pirelli RE from NAV of Pirelli & C. A neutral recommendation prevails in view of the recent stock rally. 
Consensus forecasts on the stock are stable: TP €0.52 with a prevailing Buy recommendation (83%) on coverage by 21 business banks.
Strong rebound by Pirelli RE of +4.7% to €0.387 whereas major Italian real estate competitors show a mixed trend (Risanamento -3.9%, Beni Stabili +3.6%).

For more in-depth information please follow the link to: Investors > Peers & Markets.


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3 news for the tag: HSBC