Italian Stocks Advance; Amplifon, Beni Stabili, Fiat, Pirelli, Tod's Gain
Italy’s benchmark FTSE MIB Index rose for a second day, gaining 58.82, or 0.3 percent, to 23,539.24 in Milan.
The following stocks were among the most active on the Italian market today.
Amplifon SpA (AMP IM) advanced 13.75 cents, or 3.5 percent, to 4.13 euros, a second day of gains. Equita Sim SpA increased its price estimate on the world’s largest hearing-aid distributor to 4.4 euros from 4.2 euros and kept a “buy” rating, saying in a note that it expects first-quarter results to be “good in terms of sales and margins.”
Beni Stabili SpA (BNS IM) rose 3.8 cents, or 5.7 percent, to 70.5 cents, ending a three-day loss. The real-estate company sold a stake of about 7 percent in the company for 66 euro cents a share.
Equita Sim SpA lifted its price estimate on the stock by 3 percent to 80 cents as the “company will definitely gain the REIT status.”
D’Amico International Shipping SA (DIS IM) gained for a third session, increasing 1.2 cents, or 1 percent, to 1.25 euros. The oil-transport company signed a vessel deal with Exxon Mobil Corp.
Fiat SpA (F IM) rose 10 cents, or 1 percent, to 9.90 euros, extending gains of 2.4 percent yesterday. Sanford C. Bernstein & Co. increased its price projection on the Italian carmaker to 11 euros from 10 euros and kept a “market perform” recommendation. The brokerage said in a note that it believes “Fiat will soon announce that Chrysler Group LLC exited the first quarter with a profitable performance in March, an astonishing outcome given poor volumes and market share, rising fleet sales and still high incentives.” The brokerage remains “cautious on its ultimate long-term prospects.”
Pirelli & C. SpA (PC IM) gained for a third session, increasing 0.3 percent to 45.15 cents. Kepler Capital Markets reiterated a “buy” recommendation on the stock, saying in a note that the real-estate spinoff is “one of the pillars” behind its positive stance. Pirelli & C. Real Estate SpA (PRS IM) rose 1.5 percent to 49 cents after climbing 4.1 percent yesterday.
Savings shares of Telecom Italia SpA (TITR IM) rose 0.5 percent to 89.8 cents after having their price estimate lifted by 22 percent at ING Groep NV. The brokerage also increased its price estimate on the ordinary shares (TIT IM) by 9.5 percent. The common shares rose 0.4 percent to 1.13 euros.
Tod’s SpA (TOD IM) gained 1.11 euros, or 2 percent, to 56.21 euros, ending a two-day decline. Societe Generale SA increased its price estimate on the Italian luxury-goods maker known for its rubber-studded driving shoes to 62 euros from 55 euros, saying in a note that the company “is now on track to catch up with peers and return to outperformance.”
To contact the reporter on this story: Francesca Cinelli in Milan at firstname.lastname@example.org.
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