Michelin: Invest Securities downgrades its recommendation.
(CercleFinance.com) - Following the half-year results for Michelin, Invest Securities has downgraded its recommendation on the share from “neutral” to “sell” with the target price maintained at 110 euros.
The analysts note that Michelin has published first half-year figures in line with expectations, marked notably by erosion of the EBITA margin.
“2017 guidance over the mid-term remains unchanged with a reiterated promise of unquantified EBITA growth in the second half of the year and for 2017, despite the shortfall in the first half of the year and the disappearance of positive currency effects”, it adds.
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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.
The analysts note that Michelin has published first half-year figures in line with expectations, marked notably by erosion of the EBITA margin.
“2017 guidance over the mid-term remains unchanged with a reiterated promise of unquantified EBITA growth in the second half of the year and for 2017, despite the shortfall in the first half of the year and the disappearance of positive currency effects”, it adds.
Copyright (c) 2017 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.