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Michelin: Oddo's best pick in its sector

( - Oddo believes that after being penalised by the rotation towards cyclical stocks in H2, tyre manufacturers could see renewed interest in 2020, capitalising on their strengths (lower volume sensitivity, price-mix, controlled capex, FCF, etc.
), in addition to an attractive valuation, despite caution on volumes (estimated at -3% on average).

However, Oddo says that it will have to remain selective, saying that it is prefers Michelin to Continental (Large Caps) and Pirelli against Nokian (Midcaps).

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