International markets end the week on a positive note, an average increase of 4 percentage points, particularly for the European Auto & Parts sector (+7.4%) and for the Basic Resources sector (+10%). The rally was mainly due to the quarterly results of US aluminum giant Alcoa, which beat market expectations by far. Pirelli is among the top companies from the Milan Stock Exchange, ending the week in positive territory by 12.7% at € 0.398, significantly outperforming the index sector (+5.3%) as well as the Italian blue-chip index (+7.8 %). Pirelli continues to be upgraded: during the week, Banca Akros raised its target price on the stock to € 0.49 (from 0.42) confirming a “Buy” rating. TP’s review is mostly linked to Pirelli Tyre, which is now being evaluated by Banca Akros’ financial analyst, applying the same market multiples as Michelin.
In view of Continental’s new CEO, the stock increased to + 15.8%, whereas Michelin in line with the Auto & Parts sector makes makes +7.4%.
The real estate sector also rallies this week (+5.8% Epra Europe) with Pirelli RE closing the week at € 0.676, a positive change of 4.6%.