Nightmare day on the Stock Exchange for the Pirelli stock, which at the end of the morning is the worst of the Ftse Mib with a down by 6,40%, to 8,11 euros per share. The decided downgrade weighed on trading by the American investment bank Goldman Sachs, who lowered his stock recommendation from “buy” to “neutral”. Goldman's ax on Pirelli also affected the target price, reduced to 13,5 euros from 13,7 euros per share.
The investment bank has revised downwards many valuations of the shares of companies operating in the tire sector, also in light of the excellent performance on the Stock Exchange in these first few months of the year. Goldman's decision may also reflect i fears of an economic slowdown world greater than expected and a worsening crisis in the euro area.
