Pirelli: UBS upgrades to 'buy'
(CercleFinance.com) - UBS has upgraded its rating on the Pirelli stock from "neutral" to "buy," saying that the Italian tyre maker is now "back in pole position.
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In a note to clients, the broker said it forecasts "double digit earnings growth," with net cash flow that could double by 2020.
UBS also notes that the "valuation premium vs. peers has vanished."
It has a new target price of 7 euros, cut from 7.60 euros previously.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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In a note to clients, the broker said it forecasts "double digit earnings growth," with net cash flow that could double by 2020.
UBS also notes that the "valuation premium vs. peers has vanished."
It has a new target price of 7 euros, cut from 7.60 euros previously.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.