Pirelli: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF confirms its 'neutral' rating on Pirelli shares, while raising its target price for them from E5.
5 to E6, following the Italian group's announcement of a slightly better-than-expected Q1, with FY targets confirmed.

This start to the year again seems to confirm the tyremaker's good positioning and its ability to take advantage of the still favourable momentum in the premium segment, the broker says, which leaves its estimates largely unchanged.

While it remains fully convinced by Pirelli's positioning and execution, Oddo BHF points to a valuation level that is now less attractive after the share's good performance, and uncertainties still weighing on governance and shareholding.


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