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Borsa Italiana, comment on today's meeting (October 25, 2019)

Noteworthy is the jump from Moncler to FTSEMib, following the third quarter revenue update. On the contrary, it is not completely convinced by ENI's quarterly report.

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The main indices of the Italian Stock Exchange and the main European stock exchanges finished the last session of the week with fractional progress. Markets are trying to understand how the ECB will move after Mario Draghi's farewell. According to Andrea Delitala – Head of Investment Advisory – and Marco Piersimoni – Senior Portfolio Manager at Pictet Asset Management – a new fiscal policy season is open, viable whenever the economy's growth rate exceeds interest rates. . Experts believe that overcoming geopolitical uncertainty or expansive fiscal measures can have a positive effect on equities (and a negative effect on bonds). "In particular, the main beneficiaries would be: industrial sector, small cap and basic materials, with profits of up to 5%," said Delitala and Piersimoni. Of note is the jump from Moncler to FTSEMib, following the update of revenues for the third quarter of 2019, slightly above analysts' expectations. On the contrary, it did not completely convince ENI's quarterly report, which ended the day with a drop of more than half a percentage point.

Market-sale_1The FTSEMib he ended the session with a 0.36% increase to 22,609 points (day high; 22,466 points minimum) and ended the week with an increase (+ 1.29% between October 21 and 25). Also the FTSE Italia All Share earned 0.36%. Fractional variations for the FTSE Italia Mid Cap (+ 0.35%) and for the FTSE Italia Star (-0.22%). In today's session, the value of the exchange rate fell to 1.68 billion euros from 2.22 billion on Thursday; 339,524,293 shares changed hands (551,528,885 on Thursday). Of the 418 securities traded, 202 performed well, while the negative signals were 182; unchanged the remaining 34 shares.

L & # 39;euro fell below $ 1.11 while the bitcoin he returned more than $ 7,500 (about € 7,000).

The propagation The Btp-Bund fluctuated between 130 and 135 points.

Moncler jumped 11.3% to 36.17 euros and posted the best performance of the week on FTSEMib: between October 21 and 25, the title gained a total of 12.4%. The down jacket group provided some financial indications for the first nine months of 2019, a closed period with revenues of 995.29 million euros, up 14% from the 872.66 million euros achieved in the first three quarters of last year; at constant exchange rates, turnover would have increased by 12%. Following the distribution of earnings results, analysts at Societe Generale have improved Moncler's judgment and now advise buying the shares based on the target price of 43 euros.

The positive trend of STM; shares ended the day up 0.8% to 20.21 euros, after the 8.5% jump recorded on Thursday, October 24. Analyst nominations were not made to wait after Q3 2019 earnings release. Kepler Cheuvreux raised MTS target price from 19.5 euros to 21 euros after improving earnings per share estimates for the period of two years 2019/2020. Deutsche Bank also raised its target share price from 22 to 25 euros. Experts from both commercial banks reiterated the indication of buying the shares. Credit Suisse increased its MTS target price from € 21.5 to € 22.5, following an improvement in profitability estimates for the three-year period 2019/2021; Analysts confirmed the "Outperform" judgment (will do better than the market). Equita yes raised the share valuation from 18 euros to 19.5 euros per share, following the improvement in profitability and margin estimates for 2020; experts have confirmed the "Hold" rating.

ENI fell 0.69% to 14.04 euros. The six-legged dog ended the third quarter of 2019 with adjusted operating income of 2.16 billion euros, down 35% from 3.3 billion in the same period of 2018. Adjusted net income fell 1 39 billion to 776 million euros (-44%). During the period in question hydrocarbon production reached 1.89 million barrels equivalent per day. Forecasts published on ENI's website indicated an adjusted operating income of 2.02 billion euros and an adjusted net profit of 0.77 billion euros. Production was estimated at 1.875 million barrels per day. ENI management has confirmed the main forecasts for 2019.

Plus, however, for Saipem (+ 1.39% to 4,304 euros). Following the release of quarterly results, Goldman Sachs analysts reduced the engineering firm's target price from 6.6 to 6.3; experts confirmed the "Neutral" trial. Equita SIM and Berenberg also reduced their valuation at Saipem, raising it to € 5.4 and € 5.6 per share, respectively, after cutting profitability estimates for next year; However, the experts from both commercial banks reiterated the "Buy" rating, as the new target price implies a potential 30% increase in Saipem shares.

Amplifon ended the day with a fractional drop of 0.47% to 21.3 euros and posted the worst performance of the week on FTSEMib: between October 21 and 25, shares lost 4.14%. According to Consob reports, on October 23, the Canadian Pension Plan Investment Board increased its short position in the company from 1.02% to 1.12% of the capital, betting on a fall in shares.

Jump from Maire Tecnimont (+ 3.23% at 2.43 euros). Following the release of the quarterly results, several commercial banks reviewed the MidCap listed company valuation. Kepler Cheuvreux reduced its target price from 5.2 euros to 5 euros after cutting earnings per share over the two-year period 2019/2020. For the same reason, Banca Akros reduced the Maire Tecnimont's target price from 4 to 3.3 euros. However, both commercial banks confirmed the indication of the purchase of shares. Similar indication from Equita SIM, which reduced the company's target price from 3.6 euros to 3.25 euros, based on the cut in earnings per share estimates for the two-year period 2019/2020; Experts confirmed the indication to keep the shares in the portfolio.

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