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%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
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%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.