Investing.com -- JPMorgan downgraded Pirelli to Neutral from Overweight on Thursday after the tire maker reported first-half results the bank described as solid, citing limited upside at its price target. Adjusted EBIT rose 0.7% year over year to 280.4 million euros, while the adjusted EBIT margin held stable at 16%. Furthermore, the firm noted that net cash flow before dividends and the consolidation of the Xushen Tyre call option was negative 556.9 million euros in the first half, compared with negative 503.7 million euros a year earlier. JPMorgan continues to expect Pirelli to execute on its industrial strategy while "protecting the cash flow and balance sheet in the medium term." Related articlesJPMorgan downgrades Pirelli to Neutral despite solid first-half resultsOracle shares pop 3.3% as Google cloud AI partnership expandsMorgan Stanley bullish on Galderma on stronger Nemluvio growth outlook