UBS has reaffirmed its 'buy' recommendation on Pirelli, with its price target raised from €6.2 to €7. The new target implies a 15% upside potential for the Italian group's shares, its favorite among tire manufacturers.

The first-quarter performance, which is first-rate within the sector, should lead to an 'upside risk' in earnings", says the broker, who also highlights deleveraging "well on track" in the summary of his note.

Copyright (c) 2024 CercleFinance.com. All rights reserved.
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.