(CercleFinance.com) – Oddo BHF confirms its ‘neutral’ opinion on Pirelli while raising its price target from 5.5 to six euros, the day after the Italian group announced a first quarter slightly better than expected, with confirmed annual objectives.
‘This start of the year seems once again to confirm the good positioning of the tire manufacturer and its ability to take advantage of the still favorable momentum in the premium segment’, estimates the research office, which leaves its estimates generally unchanged.
While he remains fully convinced by Pirelli’s positioning and execution, Oddo BHF points to ‘a level of valuation that is now less attractive after the good performance of the stock and uncertainties still weighing on governance and shareholders’.
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