Jefferies flips ratings of Continental, Pirelli

Jefferies analyst Michael Aspinall flipped the firm’s ratings among its European tire coverage, downgrading Pirelli (PLLIF) to Hold from Buy with a price target of EUR 6.50, down from EUR 7.40, and upgrading Continental AG (CTTAY) to Buy from Hold with a price target of EUR 75, up from EUR 70. The firm sees the most upside at Michelin (MGDDY), its top pick among the group, while at Continental it sees consensus as “well set into ’26” with potential upside. At Pirelli, it sees value in the long-term growth algorithm, but the firm sees “more obvious catalysts” for the other two EU tire peers in the near term.