Pirelli rebounds in Piazza Affari and puts yesterday's slip-up behind it, which was affected by the downward revision of some guidance for 2012. The title achieved the best performance among the blue chips, with an increase of more than 4%, in contrast with the trend in the red of the list.
Today analysts focus on the quarterly results and in particular on the trend of profitability margins, with the Ebit margin as at 31 March up to 13,5% compared to 10,2% in the same period of 2011. The first quarter, write the analysts of Equita sim, was "very strong" and, although the turnover is " in line” with the forecasts, at an operating level the results are “much higher than expected”.
The exit of the CEO by Pirelli Tyre, Francesco Gori, is not considered "destabilizing", given that the company has "already presented a new internal organization with area managers".
Yesterday's market reaction was "excessive" according to Cheuvreux analysts, which confirm the Pirelli stock in their 'Selected list' and underline the performance of the EBIT, beyond the consensus. For Morgan Stanley yesterday's slide on the Stock Exchange is due among other things to profit taking after the stock has gained more than 26% in the last two months.
