A positive week on the stock market for Pirelli & C (up 1.3% to € 0.44) markedly better than the performance of its European peers (-0.6% Michelin, -1.1% Continental, -4.7% Nokian).
The rising share price was underpinned by recent valuation upgrades after publication of the company’s annual results: 9 of the brokers (50% of the total coverage) raised the Pirelli Target Price, by an average of 4 eurocents. The mean consensus valuation is around 0.51€; with a Buy recommendation from most brokers (82% of the total).
The performance of the company’s peers in the tyre sector was weak.
Pirelli RE also outperformed other shares in the sector (+3.9 percentage points higher than the Epra Europe index) rising 4.5% to € 0.464 by the end of the week.