Equita cuts Italy's Pirelli to 'hold' on ownership uncertainty, US market risks

Equita cuts Italy's Pirelli PIRC.MI to "hold" from "buy", noting the exit or reduction of Sinochem 600500.SS from its capital will continue to weigh on performance until "issue is definitely resolved"

China's Sinochem, the tyremaker's largest shareholder, holds 37% of its capital

Italian investor Camfin, holding around 27% stake, believes Sinochem presence hinders U.S. expansion plans

U.S. represents about 25% of Pirelli's sales; U.S. compliance deadline March 17, 2026 to avoid access restrictions

Equita says U.S. duties carryover effect in 2026-27 will match 2025 impact on adjusted EBIT

Notes higher financial charges of nearly 20 mln euros ($23.23 million), rising tax rate from end of patent box benefits

8 of 13 analysts rate "buy" or higher, 5 "hold" - LSEG data

Up to previous close, shares up 9.8%​ YTD

($1 = 0.8611 euros)