Pirelli Shares Open Higher After Guidance Lift, Profit Increase

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By Cecilia Butini
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Shares in Italian tire maker Pirelli rose in opening trade on Friday after the company raised its full-year guidance and reported a profit rise in the first half.

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At 0728 GMT, shares in Pirelli traded 5.7% higher at EUR4.50.

Pirelli said it revised up its targets for 2022 and now expects revenue between around 6.2 billion and 6.3 billion euros ($6.35 billion-$6.46 billion), having previously guided for revenue of between EUR5.9 billion and EUR6 billion.

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Profit for the first half came in at EUR221.4 million, from EUR123.1 million in the same period a year earlier.

Citi analyst Thomas Chauvet said in a note that at the mid-point, the revised guidance implies a 3%-4% consensus upgrade on earnings before interest and taxes. “Pirelli continues to demonstrate impressive pricing power and resilience in tough markets,” Chauvet said as Citi recommends a buy rating on the stock.

Write to Cecilia Butini at [email protected]

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Credit: www.marketwatch.com /

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