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Michelin: Invest Securities raises target price

( - Invest Securities believes that the French tyre maker's publication of Q1 sales of 5,327 million euros (-8.
3%), which is slightly above expectations, results from falling volumes (-11.7%) in markets that have fallen by 15% to 17%.

The broker expects Q2 sales to fall a lot more (-29.2%), meaning that news flow will continue to pressurise the share, especially as guidelines (from both the market and Michelin) remain suspended.

The broker's scenario includes FY 2020 sales that are expected to fall by 8.9%, suggesting a rebound in H2. It maintains its EPS estimates.

Analysts have raised their target price for the share 94 euros, against 84 euros previously, and have confirmed their neutral rating on the share.

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