Pirelli: shares drop after broker downgrade

(CercleFinance.com) - Italy's Pirelli are down over 3% on Friday after Berenberg downgraded the stock to "sell" from "hold" in a report on tyremakers.


The German broker also cut its target price for the stock, from 7 euros to 6.5 euros.

The stock is currently down 3% at 7 euros after this downgrade, sharply underperforming the Italian stockmarket.

It has fallen by around 2.7% year-to-date, although this outperforms the STOXX Europe 600 Automobiles & Parts index, which has fallen by over 12%.

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