International markets end week on a positive note, an average increase of 2 percentage points, particularly for the cyclical sector (+2.2% for Auto & Parts, + 2.8% for industrials and +6% basic resources).
Pirelli is among the top gainers from the Milan Stock Exchange, ending the week with a gain of 6% at €0.406, significantly outperforming the Auto&Parts index and the Italian blue-chip index (+4%). The market reacted positively to the company’s quarterly results, particularly considering the positive outlook and the revised guidance the on the tyre business unit.
Following the quarterly results announcement, nine brokers (Banca Imi, Banca Leonardo, Centrobanca, Centrosim, Cheuvreux, Exan, Kepler, Mediobanca, Societè Generale) increased the rating on Pirelli stock (an average of +5% on the target price). The consensus forecast for Pirelli settles at €0.43; a “BUY” recommendation prevails on coverage made by 18 business banks.
Pirelli RE ends the week the with a 1.8% increase against the market trend, compared major securities from the Italian real estate sector.