Pirelli: Morgan Stanley maintains 'overweight'
(CercleFinance.com) - Morgan Stanley is maintaining its "overweight" rating and target price of 8 euros for the Pirelli share, as the broker said it continues to like the tyre story.
In a note dedicated to the sector, the broker said that Pirelli and Michelin, in particular, saw their margins expand lately.
However, while almost all global tire stocks have risen year-to-date, their relative performance has been mixed, Morgan noted in the report.
Pirelli, in particular, has slightly underperformed its local market year-to-date, it added.
However, Morgan Stanley said it still likes the defensive nature of tyres vs. the rest of the auto market from a 12-month viewpoint.
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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.
In a note dedicated to the sector, the broker said that Pirelli and Michelin, in particular, saw their margins expand lately.
However, while almost all global tire stocks have risen year-to-date, their relative performance has been mixed, Morgan noted in the report.
Pirelli, in particular, has slightly underperformed its local market year-to-date, it added.
However, Morgan Stanley said it still likes the defensive nature of tyres vs. the rest of the auto market from a 12-month viewpoint.
Copyright (c) 2019 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.