Pirelli: Oddo BHF upgrades stock
(CercleFinance.com) - Oddo BHF has upgraded Pirelli shares from 'neutral' to 'outperform', with a target price maintained at E6, following the Italian tyre maker's publication of Q3 results that are slightly ahead of expectations.
After this reassuring publication, the share's recent underperformance (-7% over one month) seems to represent an opportunity to reposition oneself on the stock, whose multiples have been compressed (2025 P/E at around 9x, the analyst says.
In a very uncertain automotive sector, the tyre segment still seems more attractive to us (compared with equipment suppliers and automakers), and Pirelli is an interesting midcap alternative to Michelin, he continues.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
After this reassuring publication, the share's recent underperformance (-7% over one month) seems to represent an opportunity to reposition oneself on the stock, whose multiples have been compressed (2025 P/E at around 9x, the analyst says.
In a very uncertain automotive sector, the tyre segment still seems more attractive to us (compared with equipment suppliers and automakers), and Pirelli is an interesting midcap alternative to Michelin, he continues.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.