A day with two faces for Piazza Affari. After a difficult start, with Ftse Mib slipping below 25 thousand points, the calm returned to the stock exchanges and at the end of the day the Milanese guide index marks + 0.71% at 25.397 points. Fears of a more hawkish-than-expected Federal Reserve following Bullard’s words (possible first rate hike in 2022) have gradually made room for the return of focus on good recovery prospects today. The president of the ECB, Christine Lagarde, remarked today that economic activity will improve strongly in the second half of 2021, supported by a robust rebound in consumer spending and solid business investments.
The optimism about the recovery has given wings above all to banks and cars. In Milan, run up to + 1.01% for ENI. Best of all, Stellantis did with + 3.37% and a return above 17 euros. Today Equita SIM updated the target price on Stellantis upwards to 20.4 euros with a confirmed buy rating. The new target price, which implies a potential upside of over 20% compared to current levels, incorporates the valuation of Aramis, a company that deals with the sale of used cars online and which was listed at 23 euros per share (lower end of the price fork 23-28 euros).
Prysmian (+ 2.79%) also stands out among the most prominent thanks to a $ 900 million contract in the US to supply state-of-the-art high-voltage direct current cables to transmit renewable energy to over 1.2 million households.
CNH Industrial also did well (+ 0.84%) after the announcement of the agreement to acquire 100% of the shares of Raven Industries, a leader in precision agriculture technologies based in the United States. The acquisition will take place for $ 58 per share, representing a premium of 33.6% over the weighted average trading price of the past four weeks, or $ 2.1 billion of Enterprise Value.
Among the banks + 1.86% for Unicredit which sold non-performing loans for 200 million euros. Closing at + 1.43% for Banco BPM
At the bottom of the list today, however, Snam (-3.7%), Terna (-3.13%) and Poste Italiane (-1.54%) thanks to the detachment of the dividend. Poste posted € 0.324 per share as the balance of the dividend, with a dividend yield of 2.7%. Coupon balance also for Snam (€ 0.1497, yield of 2.95%) and for Terna (€ 0.1786, yield 2.74%).