(News Bulletin 247) – Invest Securities maintains its advice to buy Pirelli shares, with a slightly reduced price target of 6.7 to 6.3 euros.
The analyst believes that the publication of quarterly results in line with expectations comes to close “a solid year” for a group “which correctly manages its profitability in a complex and volatile environment”.
Nevertheless, the 2023 sales guidance is not progressing, to around 6.7 billion euros, after a 2022 sales growth of +24.1% while the EBITA margin could lose around 1pt. vs 2022 according to group guidance, reports Invest.
Consequently, ‘our EPS are adjusted by +2%/-9%/-5% resulting from this erosion guidance’, concludes the broker.
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