Corrected: BUZZ-Citi cuts Pirelli to 'neutral' after H1 rally, more balanced risk-reward

Pirelli & C.

08/07/2026 07:40

Corrects to show PT was raised by 10 cents, not one euro in para 2
** Citigroup downgrades Italy's Pirelli PIRC.MI to "neutral" from "buy" following a strong run so far this year that now shows a more balanced valuation and risk-reward profile  
** However it raises its PT by 10 cents to €7.5 ($8.56), as it sees the tyremaker continuing to "offer strong defensive characteristics and a dependable margin/FCF story that is clearly rare in the EU auto space" 
** While Citi sees the company's current FY guidance as achievable, it notes its estimates are in line with the consensus from Visible Alpha both for Q2 and FY 2026
** After growing more than 18% YTD, the next catalyst will be the Q2 results on July 29, "where a solid outcome feels priced-in," the broker adds
** Out of 16 analysts that cover Pirelli, 12 rate the stock "buy," ​three rate it "hold" and one rates the stock "sell" - LSEG data

($1 = 0.8760 euros)

 (Enrico Sciacovelli)
 ((Enrico.sciacovelli@thomsonreuters.com))