Very positive performance of the Piaggio stock, which jumped 3.11% to 3.386 euros. The action was triggered by the Ancma data, published yesterday with closed markets, on the registrations of two wheels in Italy. In fact, from the statistics of the institute, it emerged that registrations increased by 26.8% compared to May 2019. If compared with the same month of 2020, however, the Italian two-wheeler market grew by 43%.
According to Intesa Sanpaolo analysts, “the data are positive especially when compared with pre-covid levels”. It must also be considered that May 2021 had one working day less than in the same month of 2019 and therefore the result is “particularly strong”. Taking a longer period into consideration, the investment bank continued, the Italian two-wheeler market grew by 14.5% compared to the first five months of 2019 and by 84.1% compared to the same period in 2020. Intesa Sanpaolo expects that “this trend will also be confirmed at a European level”, which is why it has confirmed the buy rating and the 4 euro target price on the Piaggio share.
Equita Sim (rating hold and target price at 3.5 euros) also emphasized statistics in Europe. Sim also recalled that yesterday Anesdor published data relating to the Spanish two-wheeler market. Unlike Italy, sales in Spain recorded a 12% decline compared to the pre-covid levels of May 2019. If compared with 2020, however, volumes grew by 56%.
Bestinver Securities agreed that the news was positive. Moreover, just yesterday the broker commented that “the company’s scenario seems to improve” as the daily infections from Covid-19 in India “fell by 60% compared to April”. For Bestinver “if the market gradually reopens from June, the positive seasonality should contribute to reaching the target of volumes for two-wheelers in India set at around 100,000 units in 2021”.
The data on registrations of two wheels in Italy, explained Banca Akros, were not already discounted in the price, which today is close to the annual maximum of 3.5 euros. In one year, the Piaggio stock grew by 53.50%, but is still below the target price set by Banca Akros at € 3.80. For this the investment bank has confirmed the accumulated rating. (All rights reserved)