PIRELLI : Stifel reiterates its recommendation on the stock
The analyst reports that Pirelli's adjusted EBIT for 1Q24 was 2% above consensus expectations, with a reinforced margin of 15.5% (+90ps year-on-year).
FCF was also +2% above expectations.
Against this backdrop, the Group unsurprisingly reiterated its sales target of E6.7 bn in 2024, with a margin of 15.3%.
Stifel believes that the stock should react positively to these announcements. For the broker, cost inflation in 2024 (around -140 ME
mainly labor/logistics) should be entirely offset by internal efficiency gains.
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.
Go to the original article.
Contact us to request a correction