Pirelli shares open up 3.9 pct on JP Morgan upgrade

Newswire

MILAN, July 18 (Reuters) - Italian tyremaker Pirelli shares opened 3.9 percent higher in Milan on Thursday after JP Morgan raised the stock to overweight and upped its price target to 12 euros from 9.50 euros. Investors shrugged off a Wednesday court ruling that Pirelli chief Marco Tronchetti Provera was found guilty of having received stolen data in 2004, when he led Telecom Italia. Tronchetti denies any wrongdoing. (Reporting by Jennifer Clark)

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