Michelin: JPMorgan cuts target price

(CercleFinance.com) - On Wednesday JPMorgan reduced its target price for Michelin shares from 27.
5 euros to 23.5 euros in report on European automotive suppliers.

Analysts say that they like the French tyre maker, which it considered to be a "high-quality" group with strong market positions and undeniable resilience, although say that they are maintaining an "underweight" rating on the share.

In its sector comments, JPMorgan explains that it prefers other automotive component manufacturers which, in its opinion, are likely to benefit more from the recovery in production, price control and the recovery in margins.



Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.