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Michelin: Bryan Garnier still a buyer, but cuts target.

(CercleFinance.com) - Bryan Garnier (BG) reiterates its “buy” rating on Michelin, but has cut its fair value from 138 euros to 136 euros, after the tyre manufacturer cut its 2017 EPS estimates by over 3%.

BG notes that Michelin has suffered from the depreciation of the dollar in Q3, although has generated positive volume growth - both year-on-year and sequentially, despite a rising price effect.

The broker has reiterated its targets for 2017, excluding FX factors, although management has again cut its estimate for exchange rates at the operating profit level.

However, it said that "2017 targets (excluding FX effect) were reiterated but management further negatively adjusted its FX estimate as for EBIT."

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