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European tire manufacturers have performed 20% better than auto parts manufacturers over the past three years, but there is a cyclical change.
Thus Goldman Sachs which has revised down the valuation from neutral to sell on Pirelli with a price target lowered from 4.80 to 4.70 euros per share. At the moment in Piazza Affari the stock is at the end of the Ftse Mib at around – 2% a