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Michelin: Stifel cuts target price

( - Stifel maintains its hold rating on Michelin shares, having reduced its target price for them from 40 euros to 31 euros (current price almost 26 euros, +0.
3%), after reducing its EPS sequence for the group by an average of 2% through to 2023.

The broker says that it is updating its model after the stock split (four new shares for one old one) and pending the release of the group's interim results, which are scheduled for 26 July.

"On our updated target price, the shares would trade on 97% EV/Sales and a P/E of 9x 2023. The stock might not look expensive but visibility on 2023/24 earnings remains limited," it warns.

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