(News Bulletin 247) – Oddo BHF downgrades its opinion from ‘outperformance’ to ‘neutral’ and reduces its price target from 5.5 to 4.5 euros on Pirelli, after integrating a governance discount on press rumors evoking a probable departure of Giorgio Bruno, who was to become CEO.
“We believe that it will be difficult for the title to find favor with investors in the short term as long as the latter do not have better visibility on the governance and the shareholding of the tire manufacturer,” says the analyst.
If he therefore recognizes an “even more weakened governance, not without consequences for Pirelli”, the design office specifies that the operational still seems solid to him, being generally in line with the guidance of the Italian group and the consensus.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
