Pirelli: Invest Securities trims target price

(CercleFinance.com) - Invest Securities maintaining its buy rating on Pirelli shares, while trimming its target price for them from 6.
7 euros to 6.3 euros (cp: almost E5, +3%).

The analyst believes that the publication of quarterly results that are in line with expectations closes a solid year for a group that is managing its profitability well in a complex and volatile environment.

Nevertheless, there are no improvements in its 2023 revenue guidance, at around 6.7 billion euros, after a 24.1% growth in 2022 revenue, while the company expects that its EBITA margin could fall by around 1 pt relative to 2022, Invest notes.

Therefore the broker is adjusting its EPS estimates by +2%/-9%/-5% as a result of this reduced guidance.


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